SRR Nearly Doubles Space at One South Wacker

CHICAGO-Stout Risius Ross has signed an 11-year lease for 24,761 sf at One South Wacker Dr. The financial and operational advisory firm had been subleasing 13,125 sf for approximately the past five years, says Michael Curran, vice president with Jones Lang LaSalle. Michael Kern, chief operating officer for SSR, says the firm is nearly doubling its space due to the growth of their valuations and their investment groups.

Curran and Steve Smith, with Jones Lang LaSalle, represented TIAA-CREF, the owner of the building, in the transaction. Bill Mass, with Mass Realty, represented SSR. The firm will move into the new space, occupying the entire 38th floor, in April. “This is the second to the top floor of the building and the views in this case were a critical component for Stout,” Curran says. “They were looking to not only upgrade their space but also their image, so views played a very important role in this deal.”

The lease included yearly escalations and incentives including “tenant improvement dollars consistent with what a tenant would get on an 11-year lease and a free rent component,” Curran says. Curran would not disclose the lease rate but says the high-rise portion of the building is being marketed at between $20 per sf to $23 per sf net.

One South Wacker, a 40-story, 1.2-million-sf building, has undergone renovations over the past two years totaling $7 million, Curran says. Work included the renovation of the exterior plaza in front of the building, elevator renovations and work on the common corridors and bathrooms. A fitness center was also added to the building. The building is currently 84% leased. Major tenants include Atlantic Trust Group, Bank of America, Citigroup, Dow Jones and Fannie Mae.