Direct vacancy in the West Loop stood at 11.8% to begin the year, according to research by U.S. Equities Realty, with nearly 4.7 million sf available. However, there also was 2.8 million sf of sublease space on the market, which makes 18.9% of the submarket's office space available.
"By providing superior property management in an area so close to many different modes of transportation, I am confident we will maintain high occupancy rates even as other segments of the market experience difficulty," claims TrizecHahn Office Properties senior vice president Stephen Budorick.
Lease terms were not released; however, published asking rents are $19 per sf to $22 per sf net in the building TrizecHahn bought for $76 million last year from developer Steven Fifield. Besides a controlling investment interest in Sears Tower that will likely convert to full ownership in 2003, TrizecHahn owns and manages 10 and 120 S. Riverside Plaza in the West Loop, as well as 2 N. LaSalle St. in the Central Loop.
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