Key Takeaways
- • Keystone Capital Management, a Chicago-based lower middle market private equity firm, signed a sublease for 17,258 square feet at Bank of America Tower (110 N. Wacker Drive), representing a short-distance relocation from its current West Loop offices to the 57-story riverfront building.
- • Bank of America Tower maintains 98 percent occupancy despite broader Chicago office market headwinds, with the building recently securing a $700 million refinancing arranged by a joint venture of Oak Hill Advisors and Affinius Capital.
- • The sublease transaction was facilitated by Colliers (Dougal Jeppe, EVP) and Cushman & Wakefield (Patrick Keffer, Dan Fisk, and Andy Heymann), underscoring continued institutional and alternative asset manager demand for premium downtown Chicago office space.
- • The deal reflects ongoing tenant interest in the Bank of America Tower, which has attracted prominent tenants including international hedge funds (Qube Research & Technologies leased 29,000+ sq ft), law firms, and financial services firms since its 2020 completion.
Summary
Keystone Capital Management has signed a sublease agreement for 17,258 square feet of office space at Bank of America Tower, a 57-story class-A office tower located at 110 N. Wacker Drive in downtown Chicago. The transaction represents a localized move for the private equity firm from its existing West Loop offices to the riverfront property, positioning Keystone within one of Chicago's most active trophy office addresses.
Bank of America Tower has maintained strong occupancy despite persistent challenges across the broader Chicago commercial real estate market. The building currently operates at 98 percent leased capacity and recently closed a $700 million refinancing transaction, arranged through a joint venture partnership between Oak Hill Advisors and Affinius Capital, demonstrating continued lender confidence in the asset despite sector-wide headwinds.
The sublease transaction was brokered by Colliers International and Cushman & Wakefield, with the brokerage team including Dougal Jeppe (Executive Vice President, Colliers), Patrick Keffer (Transaction Manager, Cushman & Wakefield), Dan Fisk (Executive Managing Director, Cushman & Wakefield), and Andy Heymann (Managing Director, Cushman & Wakefield). The involvement of multiple institutional brokers reflects standard practice for premium downtown office leasing in Chicago's competitive market.
Keystone Capital Management's decision to anchor space at Bank of America Tower aligns with a broader pattern of alternative asset managers and financial institutions consolidating operations within the building since its 2020 opening. Prior tenants and occupants include London-based hedge fund Qube Research & Technologies, which leased just over 29,000 square feet on the 39th floor, alongside prominent national and international law firms including Cooley, Jones Day, King & Spalding, Morgan Lewis & Bockius, and others. This tenant mix reflects the building's positioning as a premier address for financial services and institutional investment firms.
Bank of America Tower has maintained strong occupancy despite persistent challenges across the broader Chicago commercial real estate market. The building currently operates at 98 percent leased capacity and recently closed a $700 million refinancing transaction, arranged through a joint venture partnership between Oak Hill Advisors and Affinius Capital, demonstrating continued lender confidence in the asset despite sector-wide headwinds.
The sublease transaction was brokered by Colliers International and Cushman & Wakefield, with the brokerage team including Dougal Jeppe (Executive Vice President, Colliers), Patrick Keffer (Transaction Manager, Cushman & Wakefield), Dan Fisk (Executive Managing Director, Cushman & Wakefield), and Andy Heymann (Managing Director, Cushman & Wakefield). The involvement of multiple institutional brokers reflects standard practice for premium downtown office leasing in Chicago's competitive market.
Keystone Capital Management's decision to anchor space at Bank of America Tower aligns with a broader pattern of alternative asset managers and financial institutions consolidating operations within the building since its 2020 opening. Prior tenants and occupants include London-based hedge fund Qube Research & Technologies, which leased just over 29,000 square feet on the 39th floor, alongside prominent national and international law firms including Cooley, Jones Day, King & Spalding, Morgan Lewis & Bockius, and others. This tenant mix reflects the building's positioning as a premier address for financial services and institutional investment firms.
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