Thursday, August 2, 2007

200 N. Riverside has its anchor tenant

I wrote previously about a great new project being undertaken at 200 N. Riverside Plaza, a stone's throw from my Chicago office. The Tribune reports this afternoon that William Blair & Co., the local financial services firm for well-heeled folks, is taking 350,000 sf (or 35%) of the building, presumably on a long term lease with rents at $45-50/sf (which I imagine includes a nice tenant improvement allowance for the initial buildout.

This means the building is almost certainly a go. The fact that the venture is apparently being backed by pension funds is also helpful because it makes the project largely immune to tightening in the credit markets. I'm looking forward to seeing this project come online, albeit probably in four years or so.