The Alter Group, Skokie, Ill., has leased more than 93% of its Dearborn Plaza office building in downtown Chicago within 30 days of completing the structure. Located at the northeast corner of Dearborn and Kinzie streets in the River North submarket, Dearborn Plaza marks one of the first major office developments north of the Chicago River in a decade. The Chicago office of New York-based Cushman & Wakefield represented The Alter Group in leasing Dearborn Plaza.
Leading the way, San Rafael, Calif.-based Milepost Industries has leased 123,000 sq., ft., consuming the second through fourth floors. Milepost occupies the space as a corporate contract hotel - extended stays for corporate executives. To attract Milepost to Dearborn Plaza, The Alter Group acquired an adjacent property prior to groundbreaking in order to increase the floorplate size. Additionally, a separate identity and entrance were created to separate Milepost traffic from other tenants.
Other tenants at One Dearborn Plaza include Braun Consulting Inc., which leased 81,575 sq. ft. as its corporate headquarters; Business Logic Corp., which took 48,114 sq. ft. as its corporate headquarters; and McLean, Va.-based Nextlink Communications, which leased 48,754 sq. ft.