We pride ourselves on ensuring our tenants have a safe, attractive environment in which to work every day. Being able to offer a convenient, world famous address with excellent amenities and services, such as those found at 225 N. Michigan, has enabled us to retain tenants successfully.
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Chicago, IL (PRWEB) September 5, 2007
Chicago-based MB Real Estate (http://www.mbres.com) today announces a long-term lease renewal agreement with Blue Cross Blue Shield Association (BCBSA) (http://www.bcbs.com). The largest tenant at 225 N. Michigan Ave., one of the two towers in the Michigan Plaza (http://www.michiganplaza.com) complex, BCBSA occupies more than 214,400 square feet on all of floors two through six plus part of floors eight and nine, making today's lease transaction one of the biggest in Chicago in 2007.
"As a valued tenant at Michigan Plaza since 1995, we are extremely pleased to continue our relationship with Blue Cross Blue Shield Association," said Mark A. Buth, Senior Vice President and Managing Director of MB Real Estate. "We pride ourselves on ensuring our tenants have a safe, attractive environment in which to work every day. Being able to offer a convenient, world famous address with excellent amenities and services, such as those found at 225 N. Michigan, has enabled us to retain tenants successfully."
The 12-year lease renewal was brokered by Mark Buth and Kathleen Bertrand of MB Real Estate and Lisa A. Konieczka, Cal K. Wessman and Bill J. Sheehy of CB Richard Ellis, on behalf of the Blue Cross Blue Shield Association, which is the not-for-profit association for the independent Blue Cross Blue Shield Plans.
"After evaluating the marketplace, we are confident the best decision for BCBSA and our employees was to renew at Michigan Plaza based on building ownership's long term commitment to the asset and to their tenants," said Bill Colbourne, Senior Vice President of Human Resources and Administration at Blue Cross Blue Shield Association.
"After a thorough evaluation of the marketplace, we were able to work with ownership to structure very favorable early renewal terms for BCBSA, allowing them to maintain their presence at 225 N. Michigan and make a long term commitment to the building," said Lisa Konieczka, CBRE Executive Vice President. "Having called 225 N. Michigan Avenue home for the last decade, we found that it was a preferable location for BCBSA's employees and, ultimately, the best solution for BCBSA's operations."
MB Real Estate manages and leases the Michigan Plaza property on behalf of its ownership, which is represented by Loeb Partners Realty LLC, known for its long-term investment philosophy. Since being awarded the assignment in February 2005, MB Real Estate has completed 26 deals for 439,300 square feet at 225 N. Michigan Ave. In addition, during the same time frame it has completed 37 deals for 267,100 square feet of space at 205 N. Michigan Ave. To date in 2007, MB Real Estate has completed more than 265,800 square feet at Michigan Plaza.
Michigan Plaza is a two-building office complex that totals 1,963,236 rentable square feet. Michigan Plaza is comprised of 205 N. Michigan Ave., a 44-story tower and 225 N. Michigan Ave., a 25-story tower. Designed by architectural firm Fujikawa Johnson & Associates in 1982, the complex offers a bright, open, landscaped public plaza on Michigan Ave., with on-site management (MB Real Estate) and 24-hour on-site security and engineering.
In addition to the buildings' spectacular views, conference facilities, multiple retail shops and restaurants, it offers bank and ATM services, an enclosed parking garage for 500 cars, easy access via train and bus, and is also connected to Chicago's Pedway System. Group activities available to tenants include a summer concert series on the plaza, social events during the holidays and tenant and charity services throughout the year, including flu shots, blood drives, a recycling program and a book fair.
For more information on Michigan Plaza please visit http://www.michiganplaza.com. For more information about MB Real Estate please visit http://www.mbres.com or call 312.819.6000. For more information about Blue Cross Blue Shield Association, please visit http://www.bcbs.com.
ABOUT MB REAL ESTATE SERVICES, LLC
MB Real Estate Services is responsible for the management and leasing of nearly 17 million square feet of commercial real estate. As one of the most prominent real estate advisory and service firms in the Midwest and on the East Coast, MB Real Estate offers expertise in real estate development, asset and facilities management, leasing services, investment sales and acquisitions, construction management, and corporate advisory services. For more information, please visit http://www.mbres.com.
MB Real Estate's corporate mission is to maximize the value of its clients' real estate by creating timely and innovative solutions that meet their unique needs and objectives. It offers the highest level of real estate support with its team of committed, results-driven experts in asset and facilities management, leasing, tenant representation, development, project management, and investment services. Supported by dedicated accounting, marketing, human resources, and information technology teams, MB Real Estate's unique full-service firm is an industry leader in local and national corporate real estate.
ABOUT LOEB PARTNERS REALTY, LLC
Loeb Partners Realty is a New York-based, privately-held real estate company that has been investing in domestic real estate for over 40 years, and currently oversees on behalf of investors over 15 million square feet of office throughout the United States.
The Blue Cross and Blue Shield Association is a national federation of 39 independent, community-based, and locally operated Blue Cross and Blue Shield companies. The 39 local member companies of the Blue Cross and Blue Shield Association provide healthcare coverage for more than 99 million people nationwide.
ABOUT CB RICHARD ELLIS
CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2006 revenue). With over 24,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate and partner offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at http://www.cbre.com.