Tishman Speyer Announces Lease Transaction for OCC at The Franklin
PRNewswire – CHICAGO – Tishman Speyer, one of the world’s leading real estate developers and owners, today announced that it has signed OCC, the world’s largest equity derivatives clearing organization, to a long-term lease for approximately 105,000 square feet at The Franklin, a class A office complex that recently underwent a complete repositioning and lobby redevelopment in Chicago’s West Loop.
OCC will benefit from a number of new amenities and major capital improvements recently completed at the property. Some of these include the addition of gourmet café Rustle+Roux, a renovated state-of-the-art conference center with capacity for 300, a full-service, on-site fitness center, a tenant-only bar and event venue R29, and a modernized lobby with a 30-foot-tall light installation by renowned artist Leo Villareal.
Designed by Skidmore, Owings & Merrill, The Franklin is considered one of Chicago’s most architecturally significant properties. The complex consists of two connected buildings at 222 West Adams Street and 227 West Monroe Street totaling nearly 2.5 million square feet, making it one of Chicago’s largest and most distinctive Class A commercial office properties.
Commenting on the transaction, Tishman Speyer’s Regional Managing Director Patrick Kearney said, “We are very excited to welcome OCC to The Franklin, further enhancing the property’s roster of world-class tenants. OCC’s selection of The Franklin is testament to the successful repositioning the property has recently undergone. The combination of its central West Loop location, building quality, modern activated lobby and robust amenity package has reestablished The Franklin as a top choice for the most discerning tenants in the Chicago market.”
OCC was represented in the transaction by Holly Duran, Lois Durkin and Jeff Mulder at Holly Duran Real Estate Partners LLC (HDREP), while Tishman Speyer’s Ellen May and Greg Tait represented building ownership. Also instrumental in assisting OCC’s decision were Perkins + Will Architects, ESD Global and Skender Construction.
OCC Executive Chairman and CEO Craig Donohue said: “The Franklin will provide our colleagues with a great new work environment that better reflects the culture and values of our organization. We have been working closely with HDREP, which has decades of experience in addressing the complex office and data center needs of our industry, on a comprehensive, innovative approach to managing our real estate strategy. With this transaction and our recent 50,000 square-foot lease in a new building in Dallas, we continue to make significant progress in accommodating our present and future growth, achieving operational efficiencies, and providing a resilient infrastructure to better serve market participants.”
HDREP’s Duran said: “We’ve had the pleasure of working closely with Craig for more than 20 years and are delighted to oversee OCC’s real estate portfolio. The relocation to the large floors at The Franklin will provide a compelling office environment to attract and retain top talent while offering OCC the opportunity for contiguous expansion and high visibility branding and identity. We are proud of the flexible, favorable lease terms secured on OCC’s behalf, and we’ll continue to analyze its portfolio for new opportunities to maximize efficiencies and ensure that the real estate enhances OCC’s long-term strategic goals.”
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