Amid a challenging office market, the historic 25 E. Washington building in the Chicago Loop is an example of the amenities and environment occupiers are seeking in the flight-to-quality trend.
With over 45,000 square feet of new and renewing leases in the first quarter alone, the Daniel Burnham-designed building is 85% occupied, surpassing the occupancy rate of pre-1950 Loop office buildings by 30%.
The building is owned and upgraded by the Kroonenberg Groep and the Trump Group. Aspire Properties has managed and leased the building since 1996 and is spearheading a $13 million modernization initiative designed by Eastlake Studio. Due for completion in September, the 15,000-square-foot amenity center features a 3,000-square-foot open-air courtyard, lounge, game room, conference center and fitness facility.
“Our commitment to Chicago is unwavering,” said Lesley Bamberger, President of the Kroonenberg Groep. “Through strategic investment and vision, we are shaping the premier vintage office experience in Chicago.”
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