Water Street Expands at 333 W. Wacker

CHICAGO-Water Street Healthcare Partners has renewed its lease at 333 W. Wacker, expanding its space in the building to 14,198 square feet. The health care industry investor has occupied space on floor 16 since it was founded in 2005, and under the lease expansion, will grow into new space on floor 28.

Steve Levitas, SVP with Colliers Bennett & Kahnweiler’s Office Advisory Group, represented the firm, while Pat Philbin represented Hines in the lease. “(The company) is growing at a good clip,” Levitas tells GlobeSt.com. “They’ve raised their second fund, and needed more space. They like the location here, the proximity to the trains and expressways, and the image of the building. ”

Water Street’s lease was extended by eight years, to run through 2016. The 867,821-square-foot building was constructed in 1983, and is now about 94% leased. Asking lease rates in the building range from $21 to $23, net, Levitas says. “It’s a solid Class A building, with great, unobstructed views of the river,” Levitas says.