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Avison Young and JLL arrange 26,976-sf lease for Wabtec at 500 W. Monroe
April 13, 2023
New lease allows company to right-size within a newly updated building
Chicago, IL– Avison Young and JLL have arranged a 10-year lease for Westinghouse Air Brake Technologies Corporation (Wabtec) on a full floor at 500 W. Monroe Street in downtown Chicago’s West Loop. The 26,976-square-foot (sf), 37th floor lease gives the company the opportunity to ‘right-size’ in the same building and provide for future space needs.
The lease extension comes amid a major capital improvement project at the property. Owner Spear Street Capital recently completed a lobby and entrance overhaul, is underway on an elevator modernization, and is beginning work on a full floor enhanced amenity program including fitness and conferencing facilities and a retail coffee shop.
The ongoing capital improvements at 500 West Monroe Street reflect the trends that landlords are observing in the office market. “Companies are seeking high quality spaces to support the needs of their employees. An existing tenant making this lease commitment is a clear indication that our Central Business District remains resilient, and companies see a bright future ahead,” said Damla Gerhart, Principal and Managing Director of Avison Young’s Chicago office.
“We have enjoyed having Wabtec in the building for years and this long-term lease is proof that our investment back into the building is meaningful to our tenants,” said Rajiv Patel, President, Spear Street Capital.
Spear Street Capital was represented by a partnership of Danny Nikitas, Principal, and Melissa Hemberger, Vice President, who are based in Avison Young’s Chicago office and JLL’s Brad Despot, Senior Managing Director, and Kerry Middleton, Senior Vice President. Wabtec was represented by JLL’s Alexa Jennings, Senior Vice President, Amy Craig, Vice President, and Phil Geiger, Managing Director of Stream Realty Partners.
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