Real estate brokerage Savills Studley moving to new office tower
As Seen in Chicago Business
Commercial real estate brokerage Savills Studley is moving its Chicago office to a 53-story tower under construction along the Chicago River, where it plans to hire more brokers.
Savills Studley, which specializes in tenant representation, leased about 16,600 square feet in the building at 150 N. Riverside Plaza, the firm said. It plans to move there next February from about 18,800 square feet at 191 N. Wacker Drive, another West Loop tower that had recently been constructed when the brokerage moved there in 2004.
Although it is smaller, the new space will be designed to accommodate more employees, said Robert Sevim, who represented the firm in the lease along with Eric Feinberg. They are co-heads of New York-based Savills Studley’s Chicago office.
“We have absolutely planned for growth,” Sevim said. “A lot of our recruiting objectives have been factored into the space.”
Savills Studley is the U.S. unit of London-based Savills.
The firm has about 50 employees in the Chicago office, including more than 30 brokers, Sevim said. He declined to say how many brokers the firm, which opened a Chicago office with three employees in 1962, expects to hire.
The developer of 150 N. Riverside Plaza, Chicago-based Riverside Investment & Development, has already signed several larger leases for the 1.2 million-square-foot tower, including headquarters deals with William Blair, Hyatt Hotels and Navigant Consulting. Another large tenant is Kansas City, Mo.-based law firm Polsinelli.
Four Corners Tavern Group and Brendan Sodikoff’s Hogsalt Hospitality will have a restaurant in 150 N. Riverside.
The tower is 80 percent leased, with the first tenants scheduled for February move-ins, said Riverside CEO John O’Donnell.
The developer was represented in the lease by Drew Nieman and Christy Domin of CBRE.
Savills Studley’s 19th-floor deal is in part of Hyatt’s option space, meaning the hotel chain could later decide to expand into it, displacing Savills Studley. But Sevim said the recent trend in which more tenants have been contracting than adding on to offices made the firm comfortable taking option space, which is typically at lower rents than other space.
The firm also considered other developments and existing buildings, Sevim said.
“For the goals we were looking to achieve financially and operationally, this was the most compelling option,” Sevim said.
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