NBC Renews Lease At NBC Tower In Chicago With Metropolis Investment Holdings | 455 North Cityfront Plaza Drive | Tony Coglianese, Bradley (Brad) Serot, Eric Myers | Office | Lease

Summary

Lease

ILLINOIS

Office

68,000 sqft

The office building located at 455 North Cityfront Plaza Drive in Chicago, spanning 68,000 square feet, served as the site for a recent lease transaction between Metropolis Investment Holdings, represented by Thomas M. Dempsey, and NBC, with Michael Cavanagh as the tenant.

Summary of transaction details:

Property Type: Office
Transaction Amount: Not provided
Landlord: Thomas M. Dempsey - Metropolis Investment Holdings
Tenant: Michael Cavanagh - NBC
Landlord's Rep: Eric Myers - Transwestern
Brokers: Bradley Serot & Tony Coglianese - CBRE

NBC's decision to downsize at the NBC Tower in Chicago comes in response to the evolving office space utilization trends precipitated by the shift to remote work brought about by the pandemic. This move is in line with the broader movement of companies reducing their office footprint, impacting Chicago's office vacancy rates.

Players

All
5

Agents
3
Agencies
2

Executive Vice President

Transwestern

CBRE

Details

Deal Summary

LEASED

IMAGE: Eric Myers, Bradley Serot & Tony Coglianese DATE: 04/24/2024 ADDRESS: 455 North Cityfront Plaza Drive MARKET: Chicago ASSET TYPE: Office ~ SF: 68,000 LANDLORD: Thomas M. Dempsey - Metropolis Investment Holdings TENANT: Michael Cavanagh - NBC LANDLORD'S REP: Eric Myers - Transwestern (@Transwestern) BROKERS: Bradley Serot (@BSerot) & Tony Coglianese (@TeeCogs) - CBRE (@CBRE) NOTE: NBC Tower in Chicago, owned by Metropolis Investment Holdings, faces significant downsizing as NBC plans to return more than half of its office space as part of a long-term lease, keeping the broadcaster in the building through 2040. The move reflects a broader trend of office tenants reducing their commercial real estate footprint amid the remote work trend accelerated by the pandemic, contributing to Chicago's office vacancy rate exceeding 25%.

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Address455 North Cityfront Plaza Drive

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