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player ready...The developers of Congress Center, a recently completed mid-rise office building on the edge of the West Loop, are putting the 16-story structure on the market, ready to take advantage of the strong market for downtown office buildings.
The developers, Chicago-based Development Resources Inc. and Oaktree Capital Management LLC, have begun interviewing real estate firms to market the 521,500-square-foot building, sources said.
Gene Ventura, vice president with Development Resources, would not comment, but a decision is expected before the end of the month.
The building, at 525 W. Van Buren St., is 90 percent leased.
Meanwhile, new tenants are gradually taking over the available sublease space in Development Resources’ other building, Union Tower, 550 W. Van Buren St., which was developed in a joint venture with Chicago-based real estate investment firm Walton Street Capital LLC.
Chicago-based U.S. Equities Realty LLC is advising Huron Consulting Group Inc., an Andersen spinoff that has subleased a floor from e-commerce consultant Xor Inc. and is considering subleasing one or two more floors in the 17-story building, sources said.
And Chicago-based architectural and engineering firm Raymond Professional Group Inc. has agreed to sublease two floors from online brokerage TD Waterhouse Group Inc., sources said
St. John to Palmolive: Upscale women’s apparel retailer St. John Knits International Inc. has signed a long-term lease in the Palmolive Building, with plans to move its local boutique from Oak Street to the Magnificent Mile.
The Irvine, Calif.-based design house will take 9,500 square feet of space on the first and second floors of the classic Art Deco structure at 919 N. Michigan Ave., which is being redeveloped by Chicago-based Draper & Kramer Inc. to include luxury condominiums on the upper floors.
Known for its classic styles, St. John will be next to a new Louis Vuitton store, which two months ago agreed to take space in the 37-story building.
The Vuitton deal made the remaining retail space extremely attractive, said Stanley Nitzberg, a principal in Oakbrook Terrace-based Mid-America Real Estate Corp., which represented Draper & Kramer. Chicago broker Fred Lev represented St. John.
CTA hires adviser: The Chicago Transit Authority, which late last year began considering a possible move from its longtime home in the Merchandise Mart, has hired an adviser for the search. A CTA spokeswoman said the agency on May 1 awarded a $505,000 consulting contract to a joint venture that includes Mesirow Stein Real Estate and Transwestern Commercial Services LLC.
Industrial deals: Hodgkins-based Fairrington Transportation Corp. is increasing its space by about 50 percent, after signing a five-year lease for 303,000 square feet in a two-tenant distribution center in Bolingbrook owned by Industrial Developments International. Real estate firm Grubb & Ellis Co. brokered the deal.
And the industrial services group of Julien J. Studley Inc. represented Chicago-based Assemblers Inc. in the renewal of its lease for 192,000 square feet at 5490 W. Roosevelt Rd.