The Chubb Group of Insurance Cos. signed a long-term lease renewal and expansion for its Regional Midwest Office for 110,831 square feet at Chicago’s Sears Tower.
The value of the transaction was not disclosed.
Chubb, an occupant of Sears Tower since 1994, renewed a 99,081-square-foot lease for its current Sears Tower offices, while adding 11,750 square feet more space.
The occupancy rate at Sears Tower was 89 percent at the time of sale.
Trizec’s director of leasing Jon Blunk represented MetLife in the negotiations. Robert Schmidt and Jack Keenan of The Staubach Co. and by Richard Bernstein of CB Richard Elllis represented Chubb.
Trizec Properties currently manages Sears Tower for MetLife, which owns the building.
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