Although ADM, the so-called Supermarket to the World, won't turn around a skyscraper on its own, plenty of office owners will be interested in a deal with the company. One reason is the prestige that comes with a major corporation.“Aon Center strongly benefits from the blue-chip headquarters lineup that we have,” said Donald Miller, president and CEO of Johns Creek, Ga.-based Piedmont Office Realty Trust, which owns the East Loop tower where HQ tenants include real estate behemoth Jones Lang LaSalle Inc., Peoples Gas parent Integrys Energy Inc. and public relations firm Edelman, as well as Aon, which recently shifted its headquarters to London.
“It's a real drawing card” for other tenants, Mr. Miller said. He declined to comment on ADM's interest in 500 W. Monroe, which Piedmont also owns.
Despite the relatively modest size of the deal, ADM also will be prized because of its extraordinary credit, said tenant broker Richard Schuham of Studley Inc., co-manager of the New York firm's Chicago office, who is not involved in ADM's search.
“They may not be in a giant footprint, but they're a very important piece in valuation of a building, getting a tenant like that on the rent roll,” Mr. Schuham said. “The value of the leases is enhanced by the underlying credit of the tenant. They're more valuable on a long-term basis than perhaps a law firm.”ADM HQ move triggers office space race
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