January 23, 2020 – CBRE Global Investors announced today the signing of three lease agreements at 150 North Michigan, a Class A 41-story office tower known for its iconic diamond-shaped peak, sweeping views of Lake Michigan and Millennium Park, and proximity to leading entertainment and retail destinations. The German American Chamber of Commerce of the Midwest (GACC Midwest) will take a full floor at the building, while Insight Global Tech will occupy 11,469-square-feet on the 36th floor. Jackson Lewis, one of Chicagoland’s most prestigious law firms, also inked a long-term renewal for 29,793 square feet on the 24th and 25th floors.
Representing 59,321 square feet of leasing activity, the latest leasing surge comes on the heels of a $7 million repositioning project at 150 North Michigan. Recent improvements to the 654,508-square-foot tower include a reimagined lobby with expanded gathering areas, communal seating, contemporary decor inspired by Millennium Park, abundant natural light and a revamped front entrance that engages the surrounding streetscape. Other renovations to the newly energized 150 North Michigan include communal lounge areas, multifunctional conference and meeting spaces with in-room AV technology systems, private phone rooms, day-lockers with charging stations, an elite fitness center, a tenant lounge with ping pong, shuffleboard and a myriad of tenant activities and catered events.
Sara Spicklemire, Kelsey Scheive and Seth Tuscher of CBRE represented CBRE Global Investors in the leasing transactions.
“150 North Michigan enables companies to elevate their business through a dynamic package of incomparable amenities and Chicago’s premier location,” said Mark Zikakis, Principal and Head of U.S. Asset Management at CBRE Global Investors. “Our significant capital investment to attract and retain top professional talent is producing quantifiable results for tenants, while also sparking renewed interest for tech-equipped workspace in our tower. Leasing momentum remains robust as we start a new year, and we’re thrilled to welcome another group of distinguished brands to our growing workplace community.”
150 North Michigan is currently 87% leased, with more than 196,000 square feet in leasing activity occurring since CBRE Global Investors assumed ownership. Marquee tenants include Newcastle Limited (18,724 SF), National Public Radio (6,135 SF), C+R Research (17,274 SF) and Impact Networking (18,899 SF).
The building is also the first in CBRE GI’s national portfolio to host the newly launched A&B amenity and hospitality program. A&B goes Above and Beyond for businesses by anticipating and addressing the demands of the 21st century workplace through community-building physical space, customized technology and hospitality services. An on-site A&B Manager at the new A&B Amenity Center organizes monthly networking and social events for tenants, and also oversees personalized event planning, reservation assistance and exclusive ticket pricing.
“We are entering a new era of the workplace, and A&B is an evolution of our commitment to keeping pace with the workplace trends that matter to today’s tenants,” said Garin North, National Director of the A&B program. “These recent lease agreements speak to the success of differentiators such as A&B, and further emphasize the need for hospitality-infused workspaces that help tenants to achieve their bottom-line business goals.”
Tenants at 150 North Michigan will also have access to CBRE’s newly launched “Host” mobile app that increases employee efficiency by connecting users to building and neighborhood amenities, tenant events and other services tailored for each A&B workplace. The app’s AI-driven experiences and “recommendation engine” ensure highly personalized experiences for each Host user.
Located at the intersection of Michigan Avenue and Randolph Street, 150 North Michigan offers tenants access to prominent shopping, dining and entertainment destinations in one of America’s most dynamic live-work-play districts. The building has a Walk Score of 98, and is within one mile of more than 1,000 restaurants, 1,100 shops and more than 150 hotels. Major entertainment landmarks within close proximity include The Chicago Theatre, Harris Theater, AMC Dine-In Theatres, Chicago Cultural Center and Cloud Gate at Millennium Park.
150 North Michigan also scores a perfect 100/100 Transit Score. Two different CTA stations are both within two blocks, with an underground pedway providing entry to the building from Metra’s Millennium Station. Additionally, 150 North Michigan offers easy access to I-90 and I-94.