The building at 330 N. Wabash Ave. is called IBM Plaza for a reason--the computer giant pays $9.3 million a year for 280,670 sf at the 1.4-million-sf building between Marina City and the site of the future Trump International Hotel & Tower. With Bank One Corporate Center now held in a joint venture, law firm Jenner & Block is Prime Group Realty Trust's largest tenant, followed by IBM Corp.
"While we are disappointed with IBM's decision to relocate, we intend to actively market their space and are cautiously optimistic that market conditions will improve by their lease expiration date," says president and chief executive officer Jeffrey A. Patterson, suggesting the Trump project will help make 330 N. Wacker Dr. an attractive location for another corporation's headquarters. Built in 1971, the building was renovated in 1989.
Andersen's demise left 33 W. Monroe St., which Prime Group Realty Trust ultimately sold for less 30% less than what it paid for the building in 1999, 70% vacant. Andersen also had a smaller space block at IBM Plaza, which is 89% leased.
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