Morton International's parent, Rohn & Haas Co., will take four floors in the West Loop building in a 15-year lease with building owner Dallas-based Prentiss Properties. The building will become new international headquarters for Morton Salt.
"Considering that 123 North Wacker represents our largest leasing exposure in 2001, the Morton International lease was important for Prentiss Properties," says Prentiss Properties President and CEO Thomas F. August. "We have now signed lease commitments for nearly 40% of the building with an average lease term of slightly over 12 years, putting us ahead of our leasing goals for the building that were established at the time of the acquisition in 1999."
The Morton International lease is not the REIT's only big deal in the market. Prentiss Properties recently came to terms with Office Depot, Inc. on a five-year lease renewal for 188,776 sf of retail space at 16801 S. Exchange Ave. in south suburban Lansing.
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