Sears Tower to Lose Largest Tenant

January 8, 2009

Commercial

Rendering of 155 N. Wacker Drive Being Developed by John Buck Co.

Rendering of 155 N. Wacker Drive Being Developed by The John Buck Co.

CoStar is reporting that Ernst & Young have signed a 10-year lease for 203,618 square feet at The John Buck Co.’s new office development at 155 N. Wacker Drive. According to The John Buck Co’s web site, the 46 story, 1.13 million-square-foot office tower is scheduled to be completed in July of 2009. Costar is reporting that asking rent in the building is $33 per square foot.

This creates a bit of a problem for The Sears Tower, where Ernst & Young are currently their largest tenant, leasing almost 387,000 square feet.

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About Rod Holmes

Rod has been a broker working in Chicago since 2004. He has worked with developers, buyers, sellers, and as well as managing offices. He is currently a partner in Chicago Style SEO working primarily with real estate firms to improve their Internet marketing. Rod lived for nearly ten years in Japan where he owned a corporate training and executive coaching firm with clients including Hitachi and 3M Japan. He lives in Lakeview with his wife and two children. He enjoys coaching and watching his kids participate in sports, cycling, camping, and traveling in general. You can find Rod online on Twitter at @roddesu, Facebook and LinkedIn.

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2 Responses to “Sears Tower to Lose Largest Tenant”

  1. Rod Holmes Says:

    Rick Fox, a spokesperson for The Sears Tower sent an e-mail to me with some with some addition information on the Ernst & Young departure from the Sears Tower. Mr. Fox writes, “…your readers might also be interested to know that Ernst & Young’s lease doesn’t expire until May of 2012, nearly 3 1/2 years from now. Also, of the 387,000 square feet leased to Ernst & Young, they will be vacating approximately 237,000 square feet at that time, with the balance of the company’s space having been subleased to other tenants.”

    He ended his e-mail by saying, “We are very confident that over the next three and a half years we will lease the vacated space and retain these subtenants.”

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