Boutique advertising agency Marketing Support Inc. (MSI) renewed its lease in the Aon Center at 200 East Randolph St. in downtown Chicago. The 11-year lease is for the entire 33,000-square-foot 50th floor. The transaction is valued at $11.5 million.
MSI’s lease was set to expire in 2005. However, after examining alternative locations, the agency decided to remain at the Aon Center. MSI was able to secure a lease rate that was equivalent to the rent that was in place when the firm signed its original lease 10 years ago.
In addition, the company was able to expand its space in order to occupy the entire 50th floor. MSI was given a generous tenant improvement allowance that would allow for the renovation of its space.
Richard Schuham and John Goodman of Studley represented the tenant. Robert Gillespie and Melissa Rubenstein of CB Richard Ellis represented the owner, Atlanta-based Wells Real Estate Funds.