In a transaction that speaks to the opportunities available in today’s soft office market, Clear Channel has signed a 107,000-square-foot lease at 233 North Michigan Avenue. This transaction enables the broadcaster to reduce its Downtown Chicago real estate footprint, which includes consolidating Katz Communications into the North Michigan address, improving the company’s local space-use efficiency by 16% and substantially lowering it occupancy cost in Chicago.
The lease encompasses Clear Channel’s existing floors, 27 and 28, home to WGCI; WGRB; WKSC; WLIT; WNUA; and WVAZ, and part of 31. The expansion space is located on the entire third floor and will house Katz Communications, which plans to move into the space in February.
