The folksy REIT aims to increase occupancy from 89% to 95% by the end of 2002, reduce sublease space and increase parking revenue at its first purchase in this market, the 1.07-million-sf 233 N. Michigan Ave. building, commonly known as Two Illinois Center, which it bought for $175 million. But Parkway's top priority is an association that would include owners of four other one-million-sf office buildings, two hotels and two multifamily buildings.

Among the property owners are Hines Interests LP. The complex may get another new face in Phoenix-based Pivotal Group Inc., which reportedly is offering $145 million for 111 E. Wacker Dr., $15 million more than the price Parkway was willing to pay when it was scouting its first Chicago acquisition.

"There hasn't been a firm, active plan as the buildings have changed hands," says CEO Steven G. Rogers, who may visit some property owners personally to sell them on the merits of joining an association. "It will take energy, enthusiasm and dollars."