Newmark is pleased to announce a 462,000-square-foot lease at 333 South Wabash on behalf of The John Buck Company and its partner, Morgan Stanley, to Chicago-based Northern Trust (NTRS:NASDAQ), which was represented by CBRE. The global financial services company will move some of its Chicago staff to 333 South Wabash in 2020, upon completion of extensive building renovations planned by ownership. Northern Trust will have the option to increase its commitment at 333 South Wabash up to 750,000 square feet at a future date. Northern Trust’s global headquarters will remain unchanged, at 50 S. LaSalle St.
Affiliates of The John Buck Company and Morgan Stanley purchased 333 South Wabash from CNA Financial Corporation (CNA) last year, after CNA signed a lease to relocate its offices, leaving a 750,000-square-foot vacancy in the 1.2 million-square-foot iconic red tower.
“We are pleased to announce that Northern Trust has reached an agreement to lease office space at 333 South Wabash Avenue in Chicago. This effort is part of our ongoing focus to drive efficiency and growth,” Northern Trust Corporation Chairman and Chief Executive Officer Frederick H. Waddell said. “This move will provide greater opportunities for our employees to collaborate and develop creative solutions in a state-of-the-art environment.”
Newmark’s Bill Rolander and Jon Cordell secured the 462,000-square-foot lease to Northern Trust on behalf of ownership. Todd Lippman, Todd Doney, James Whalen, Maura Mahoney and Scott Brandwein of CBRE represented Northern Trust in the lease negotiations.
333 South Wabash was originally constructed in 1972 and is known for its signature red exterior. Ownership will complete substantial renovations to the property, including construction of a new building lobby, an upgraded fitness center, day care and tenant lounge. The overhaul will also include the addition of an auditorium, food hall and a new private coach service for building tenants. Completion of the renovations is slated for 2019.
Rolander and Cordell will continue to market the remaining office space at 333 South Wabash on behalf of ownership. Dirk Degenaars, COO of The John Buck Company, added, “With the relocation of Northern Trust to 333 South Wabash and a commitment to modernizing the property for today’s generation of office users, this neighborhood will see an increased demand for office usage as people will be drawn to its vibrancy, proximity to the Lake and Grant Park, the abundance of amenities, as well as the convenience of transportation options.”
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 22 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2017, Northern Trust had assets under custody of US$7.4 trillion, and assets under management of US$1.03 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust. Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/disclosures.
About The John Buck Company
Founded in 1981, The John Buck Company (JBC) has an established track record and reputation as a premier, vertically-integrated real estate investment, development and operating company focused on major U.S. urban markets. Since inception, JBC has made principal investments in assets comprising more than $6.7 billion of gross value and acquired, developed, or redeveloped over 42 million square feet of office, multifamily, residential and mixed-use properties.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.