VSA Leases 40,000 SF at 600 W. Chicago

CHICAGO-VSA Partners Inc. has leased 40,000 square feet on the second floor of 600 W. Chicago. The deal with the design agency brings the 1.5-million-square-foot River North office property, built in 1908, to 90% leased. The company plans to relocate in mid-2009 to the eight-story building from its current space at 1300 S. State St. in the South Loop.

“600 West was able to offer us not only favorable economic terms to accommodate the space we need today, but also gave us flexibility to meet our firm’s future growth,” Kerry Burda, CFO of VSA, said. “The building’s location, character and amenities will provide a great fit for our people and a great experience for our clients. We’re excited to work with the new owner, who is very forward-looking.”

A group of New York City investors, led by real estate attorney Victor Gerstein, acquired the building last year for a reported $300 million from a partnership including Taconic Investment Partners, Angelo Gordon & Co. and Centrum Properties. VSA was represented by Tom Volini, SVP with the Tenant Advisory Group of Grubb & Ellis. Brad Despot, SVP with Jones Lang LaSalle, represented the building owner in the long-term lease.

“We are pleased that VSA chose 600 West Chicago as a long-term home,” said Despot. “The building gives them the opportunity to upgrade their space, maintain their open, interactive culture, and accommodate their entire creative operation on one floor.” The asking lease rate for office space in the building is $25 per sf, gross, Despot told GlobeSt.com earlier this year.