Torrance, CA – August 10, 2012 – (RealEstateRama) — Lee & Associates, one of the largest and fastest growing full service national commercial real estate providers has negotiated the $12 million long-term lease for two floors of the President’s Plaza Complex at 8700 Bryn Mawr Ave. in Chicago.
Principals CJ Kuehl and Ellen Steinbrecher along with Amanda Seward, associate, represented the tenant, Property Casualty Insurers Association of America (PCIAA), which will be occupying approximately 40,000 square feet on floors eight and 12. The landlord, Glenstar Properties, was represented in house by David Trumpy.
President’s Plaza is a premier Class A office complex located just minutes from O’Hare Airport and within walking distance to the train, offering underground parking, a 16,000-square-foot fitness center, adjacent Renaissance Hotel with various retail centers and conferencing facilities.
According to Kuehl, “For PCIAA, the transaction includes significant toll way signage with over one million cars passing daily and provides immediate efficiency/cost savings with the newly designed HQ for today’s space needs of the company.” He added, “The O’Hare market has seen a flurry of transactions within the last 12-18 months primarily spurned by depressed rental rates and dwindling availabilities as positive absorption continues in this submarket.”
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 45 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at http://www.lee-associates.com.