UBS PaineWebber Renews Lease on 60,000 SF

CHICAGO-UBS PaineWebber Inc. eschewed its namesake office tower little more than a block away in its decision to renew a 60,000-sf lease early at 181 W. Madison St. By signing for 452,000 sf in March 2001, the UBS name went on the building at 1 N. Wacker Dr., a joint venture of The John Buck Co. and Lend Lease Real Estate Investments, Inc.

The most recent lease signing maintains occupancy at the 936,366-sf class-A office building at Madison and Wells Street that Atlanta-based TMW Real Estate Group, LLC paid $248 million earlier this summer to The Davis Cos., which sold 181 W. Madison St. at nearly a $10 million gross profit after less than a year. UBS occupies three of the 50 floors there, where operates a retail branch, managed accounts and a trading group.

Although lease rates were not disclosed, asking net rental rates for space at 181 W. Madision St. range from $15 per sf to $30 per sf.

The 50-story, 1.7-million-sf UBS Tower won development of the year honors from Greater Chicago Commercial Real Estate. And UBS has 15 floors there.

A Cushman & Wakefield team that included Frank Franzese, Peter L. Block and John McIlwain along with John Cushman and Marion Brady from the New York City office represented UBS PaineWebber. Gary Denenberg of MB Real Estate represented TMW Real Estate Group.