MB Real Estate Completes Lease for PPM America
Chicago | March 07, 2017
CHICAGO – March 7, 2017 – PPM America, Inc., a Chicago-based financial services firm with $108 billion in assets under management,* has renewed and expanded its office space commitment at 225 W. Wacker Drive in Chicago. PPM America leases space on behalf of itself and its affiliate, Jackson National Asset Management.
“While we looked at various alternatives, 225 W. Wacker's ability to accommodate our growth made this the right decision for our team," said Mark Mandich, CEO of PPM America.
“This was a very good transaction for PPM America as well as the landlord,” according to Andrew Davidson, EVP and managing director of MBRE’s Corporate Services & Tenant Advisory team. “We were able to negotiate favorable terms a few years ahead of their lease expiration that suited PPM America’s growth profile while fitting nicely into the owner’s asset strategy for the property.” In addition to Mr. Davidson, PPM America was represented by Jay Beadle, Senior Vice President and Craig McCaw, Assistant Vice President within MBRE’s Corporate Services group.
PPM America and Jackson National Asset Management have experienced significant growth since moving into the building in 1994, occupying 16,000 square feet. With the new and expanded office space commitment, they will now occupy 100,671 square feet with options for additional expansion space.
Brian Atkinson of Hines represented the owner, Seoul-based Mirae Asset Global Investments.
About PPM America
PPM America, Inc. (“PPMA”) is an indirect, wholly owned subsidiary of Prudential plc (our “UK Parent” or "Parent"), a company incorporated in England and Wales with significant operations in Asia, the US and the UK. The Parent has nearly 24 million insurance customers and approximately $753 billion in assets under management.** While its reach is global, the Parent maintains on-the-ground operations in many of the markets that it serves, allowing it to customize its service, products and expertise to the needs of local clients.
About Jackson National Asset Management
Jackson National Asset Management, LLC (“JNAM”) is an investment adviser registered with the U.S. Securities and Exchange Commission. JNAM is also a commodity pool operator registered with the U.S. Commodity Futures Trading Commission and is a member firm of the National Futures Association. JNAM is the investment adviser to the “Funds,” which are investment companies (subaccounts) that underlie the Jackson variable products. JNAM is an exempt transfer agent. JNAM is an affiliate of Jackson National Life Distributors LLC and Jackson National Life Insurance Company.
About MB Real Estate Services Inc.
Founded in 1982, MB Real Estate is a full-service real estate organization that provides multifaceted expertise in Asset/Facilities Management; Leasing Services; Project/Construction Management; Tenant Representation; Development Management and Investment Services. Separately, MBRE Healthcare and its independent affiliate fund manager, ROA Holdings, are a full-service real estate entity that acquires, develops, leases, and manages healthcare facilities across the United States. MBRE is headquartered in Chicago, with regional offices in New York, Atlanta, Columbus, Orlando, Dallas and Denver. For more information, visit www.mbres.com or www.mbrehealthcare.com.
* As of 31 December 2016. Includes assets of PPM Finance Inc., an affiliate that manages assets that are not securities, such as commercial mortgage loans and certain real estate investments. As of 31 December 2016, PPM America managed approximately $101 billion.
** As of 30 June 2016. Our UK Parent is incorporated in and has its principal place of business in England. With its affiliated companies it constitutes one of the world's leading financial services groups and has been in existence for over 165 years. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. Our UK Parent is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.