June Boom at 300 S Riverside
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|June was a banner month at 300 S Riverside Plaza, management firm Mean Knaus Partners’ managing director Harvey Camins tells us. DeVry moved into 77k SF to use as the HQ for its online services, which eventually will employ 600. That brought occupancy in the glass clad West Loop tower up to 96.4%. Also, the building won LEED Gold, not a simple task for an existing building, says Harvey, a longtime CRE broker, developer, and investor. Green features include: proximity to Union Station, installation of bike racks, use of recycled paper, natural cleansers, and energy efficiency upgrades. (Plus most Devry students are too busy to trample the grass on the quad.)|
|When present ownership, New York-based Third Millennium paid $194M to Brookfield for the trophy tower in December ’10, vacancy was 87% after Chase cut its space by 100k SF. Tenants have filtered back because the building offers efficient 50k SF floor plates, river views, a large landscaped plaza and moderate rents. Built on air rights over Union Station, the building owner does not own the land under the structure (meaning no usual property tax rate), so it can offer lower rents. Such charm will be useful if another major tenant, AIG, which is shopping for new space, actually decides to move out.|