CHICAGO—Transwestern has been named as leasing agent for the 522,000-sq.-ft. 525 West Van Buren.
The 16-story building’s new ownership group is NW Congress Center Owner LLC, an affiliate of American Recovery Property Trust (ARPT) and Northwood Investors. The building is currently 74 percent leased and offers net rents ranging from $20 to $23 per square foot.
Constructed in 2002 and designed by OWP&P, the building features highly efficient, column-free 33,500-sq.-ft. floor plates, state-of-the-art building systems and indoor parking. A second floor rooftop deck is under development, and a shared tenant amenity center with a conference room and lounge is being planned. Other new upgrades will include outdoor seating and landscaping improvements, as well as improved signage and exterior features.
Erwin Aulis, COO of Northwood, says in a statement that the building is a strategic investment. “We’ve recapitalized the ownership structure and have initiated improvements to the lobby, second level outdoor space and other upgrades that will return the project to competitive positioning in the West Loop submarket,” he says.