From the Wires
Chicago's Citadel Center Retains Namesake Financial Services Tenant
222,416-square-foot lease renewal keeps key headquarters in Chicago
By: PR Newswire
Nov. 20, 2012 05:40 PM
CHICAGO, Nov. 20, 2012 /PRNewswire/ -- Dearborn Capital Group, owners of the Citadel Center in downtown Chicago, announce the long-term renewal of its namesake tenant, financial services powerhouse Citadel LLC. The Citadel Center has entered into a long term lease extension with Citadel LLC for 222,416 square feet, or the top six floors of the building.
Citadel Center, a Class A tower that opened in 2003 with Citadel as its anchor tenant, is a 39-story, 1.4-million-square-foot high rise in the heart of Chicago's Loop at the corner of Dearborn and Adams streets. Designed by Ricardo Bofill of Barcelona, the technology-intensive building mixes a contemporary seamless glass curtain wall with classically inspired elements at its base. In addition to the Citadel headquarters, the building also hosts tenants J.P. Morgan Chase and three major law firms, Seyfarth Shaw, Holland & Knight and Perkins Coie.
Given the data-intensive nature of Citadel's diversified financial services and investment businesses, the building's technology infrastructure and unique raised floors were critical in Citadel's original evaluation of the building and remain differentiators today. The installation of raised floors throughout the building delivers superior air quality and offers significant technology installation and maintenance cost savings versus traditional office buildings. The building's infrastructure also provides multiple power and cooling redundancies that protect critical operations from disruptions.
"We are very pleased that Citadel has reconfirmed its commitment to its namesake building," said Oren Richland, Principal with Dearborn Capital Group, owners of the building. "Citadel's financial strength and international name recognition is very much in line with the building's trophy class status and international design appeal."
Dearborn Capital Group was represented by Brian Whiting of The Telos Group, LLC working together with Mark Baby of J.F. McKinney & Associates Ltd. Citadel was represented by Todd Lippman of CBRE's downtown Chicago office, working jointly with John Nugent and Andrew Sussman of CBRE's New York office.
About The Telos Group, LLC
SOURCE The Telos Group, LLC
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