CBRE coordinates tri-party agreement on behalf of UBS in leases with co-anchors Publicis and Winston & Strawn LLP, making the property 94 percent leased
Chicago, IL – June 28, 2016 – CBRE represented the owner of 35 W. Wacker Drive, an investor account advised by the U.S. real estate business of UBS Asset Management, in the renegotiation of two anchor tenant leases for a total of 899, 815 square feet.
Drew Nieman and Christy Domin of CBRE represented UBS in leases with Publicis and the law firm of Winston & Strawn LLP. The deal required a tri-party agreement between the landlord and both tenants, where Nancy Pacher of CBRE represented Winston & Strawn and Mike Christian and Steve Schneider of Cushman & Wakefield represented Publicis.
35 W. Wacker (known as “The Leo Burnett Building” in Chicago) is a 1,118,148-square-foot, 50-story, Class A building located on the Chicago River in the Central Loop. Designed by Roche & Dinkeloo, the project was originally developed by The John Buck Company on behalf of Leo Burnett in 1989.
In the first transaction, Publicis renegotiated and extended its lease for 642,545 square feet. The firm committed to a seven-year extension, its third lease renewal at the property over the last 27 years. Publicis will use this extension to “more efficiently re-envision its workplace strategies, while continuing to call 35 West Wacker its home,” said John Cowie, senior vice president, director of facilities operations for Resources, the Global Shared Services business unit of Publicis.
In the second transaction, Winston & Strawn, the other original co-anchor of the building, renegotiated and extended its lease in a manner to better accommodate the Publicis extension, while streamlining the organization’s footprint in the building.
“It was a win-win situation for everyone,” said Alan Green of UBS, the asset manager for 35 West Wacker. “We retained two premier co-anchor tenants in the building, allowed both tenants to use the space more efficiently, while committing to re-invest in the property, ensuring it remains one of the premier office buildings in Chicago.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
ABOUT UBS ASSET MANAGEMENT, GLOBAL REAL ESTATE - US
With over 37 years of real estate investment advisory experience, the US real estate business of UBS Asset Management has approximately USD 30.4 billion under management on behalf of over 500 clients. A multi-disciplined real estate organization with staff of approximately 197, it is headquartered in Hartford, Connecticut with regional offices in San Francisco and Dallas. In addition to its US real estate business, UBS Asset Management, Global Real Estate manages investments in Europe, Asia and Australia. In total, Global Real Estate manages USD 76.6 billion in real estate and real estate securities worldwide. In the US it operates through its legal entities, UBS Realty Investors LLC and UBS Farmland Investors LLC, registered investment advisors. (data as of March 31, 2016 unless otherwise noted) www.ubs.com/realestate
