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Newmark is pleased to announce a 90,000-square-foot lease at Chicago’s Willis Tower on behalf of tenant, GATX Corporation (NYSE: GATX). The global leader in railcar leasing is relocating its headquarters from neighboring 222 W. Adams. Newmark Vice Chairman Melissa Copley represented GATX Corporation in the long-term lease negotiations.
“Having incorporated beneficial flexibility in our client’s headquarters lease several years ago, we were able to provide GATX Corporation with another opportunity, well in advance of its lease expiration, to reimagine its headquarters office space. Since taking occupancy in 2008, many technology advances, operational efficiencies and economic forces have occurred that supported a re-evaluation of office space for the headquarters. Based on GATX’s forward-looking real estate criteria, we provided our client with a thorough and strategic process that generated many real estate alternatives from which GATX could select its new corporate home,” said Melissa Copley, vice chairman of Newmark in Chicago. “By thoroughly understanding and documenting each client’s business objectives at the outset, we establish financial and other metrics, and then craft a lease transaction that best supports the client’s unique business. Each assignment has a custom result that often exceeds the client’s expectations at the start of the project in a wide variety of ways.”
Copley has worked with GATX Corporation since the late 1980s and has structured three global headquarters relocations for the company in Chicago, all of which have benefited the client significantly. In addition, she has also represented the company in a diverse set of transactions in various markets throughout North America, including a headquarters lease for GATX’s wholly owned subsidiary, American Steamship, in Buffalo, New York and an industrial building sale in Canada, among others.
“Melissa has worked with our organization for several decades and on many assignments across our markets,” said Brian Kenney, chairman, president and chief executive officer of GATX Corporation. “She works intimately with us to understand our culture, goals, needs and financial criteria, and as a result has consistently provided us with thoughtful insights, creative options, as well as extremely well negotiated lease terms that improve the economics for our shareholders and support our ongoing global success.”
Copley, a tenant rep for Newmark, has also represented a number of international tenants both in Chicago and around the world, including another recent lease at the Willis Tower for Seyfarth Shaw’s 200,000-square-foot occupancy at the iconic tower. Seyfarth Shaw took occupancy under that lease earlier this year. Known for negotiating complex transactions to achieve cost savings, flexibility, and identity for large corporate and law firm clients Copley added, “It is crucial to know the market, but it takes more than that to secure the best leasing terms for a tenant. With a client-first mindset and extensive brokerage experience in 400 markets across the globe, Newmark provides the optimal platform to best serve its clients. The client gets its core team, process and strategy, as well as in-depth local market insight, everywhere the client needs to be.”
GATX Corporation will relocate to the Willis Tower under a lease that benefits the client economically, while also providing ownership with a stable, long-term tenant. GATX was drawn to the Willis Tower due to the extensive renovations underway that will result in unmatched amenities within the market. Copley represented GATX Corporation in the negotiations with building ownership, Equity Office, wholly owned by Blackstone’s real estate funds. Joy Jordan, Jamey Dix and Maggie Brophy of Telos represented ownership.
About Newmark
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.