However, two lease deals before the end of 2002 put occupancy at the 30-story building at 75%. Chicago-based Collins Engineers, Inc. took 16,000 sf on the third floor while Boston-based Pulse Trading leased 9,000 sf on the 14th floor.

While lease terms were not disclosed, average rent at the building stood at $29.06 per sf at the end of 2002, according to the company's most recent supplemental report.

"We've signed several leases this year. We're now at between 80% and 85% leased," reports president and CEO Thomas August during a recent earnings conference call. "I'm hoping, based on a number of discussions we've been having with tenants, that there's a decent chance that within 90 days we can be pushing 90% occupancy in that building. That would be phenomenal for us."

Besides being able to boast an above-average occupancy in a West Loop submarket as well as the rest of the Central Business District, it will come in advance of new construction going on further south on Wacker Drive.

"I think our timing was good," says chairman Michael Prentiss. "We got in there before some of this excess space will come on the market."

Chicago's Central Business District is an exception, Prentiss officials say, with its building cranes. "I don't see the demand for (new office space) right now," Prentiss adds. "I'm glad we're out of the leasing market."

The job is leasing up 123 N. Wacker Drive has been handled by Andrea Saewitz of Prentiss Properties. "123 N. Wacker continues to succeed in the challenging market because tenants realize the value of being in a prominent building with great amenities that's ideally located in the middle of Chicago's business district with easy access to public transportation," she says.

Instant Insights /

Prentiss Aims for 90% at 123 N. Wacker Drive by May

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