111 South Wacker, a trophy Class A building in Chicago’s West Loop, was approaching the end of its major tenants’ initial lease terms. Three planned adjacent office projects offered the latest designs and amenities, and they were aggressively pursuing our largest tenant to anchor their developments. To remain competitive and retain our anchor tenant, we needed to upgrade our tenant amenity offerings.
- LocationChicago, IL
- Size1,031,000 SF
- Investment strategyCore
- Acquisition date2005
We completed an extensive study of the competition and determined that 111 South Wacker needed to provide best-in-class amenities, including a lounge with café and lunch offerings, an expanded fitness center, and more substantial conference facilities. We subsequently built one of the largest and most technologically current conference centers in the market; converted an underutilized and inefficient office floor into a café, tenant lounge, and additional conference space; and doubled the size of the adjacent fitness center by expanding it onto the amenities floor.
These strategic investments in competitive amenities enabled us to renew our anchor tenant on a long-term basis and accelerated leasing of vacant spaces. The result was an improved rent roll at rental rates in excess of pro forma.