The leasing assignment comes on the heels of a $15-millionrenovation of the 1980s building at 111 W. Monroe St. CB RichardEllis' Phoenix office had the assignment during the building's salein early 2007 for $40 million and renovation by the buyer, One 11Plaza LLC.

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Casey Brown, president of ECL Inc. in San Diego, says CBRE didan excellent job with the building since it was almost empty whenit was bought. "There wasn't anything negative about the team wehad, but changes in the brokerage community opened the door for usto evaluate other alternatives," says Brown, whose company is partof the ownership, One 11 Plaza LLC.

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Grubb & Ellis senior vice president John Bonnell explains toGlobeSt.com that the class B building's low occupancy is because ithad been slated for conversion to office condominiums by theprevious owner. As a result, leases weren't renewed or new tenantsseated. When the condo office fell out, the San Diego-based limitedliability company claimed it for its value-add potential, accordingto Bonnell.

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Brown says upgrades have included a new skin and refinishingelevators, lobby and all common areas. In addition, a NorthwindHVAC system, which uses chilled water and melting ice to coolstructures, was installed. Now, the owners are upgrading thestreetscape.

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These days, One 11 Tower is offering office space in a submarketwith vacancy standing just over 10%, according to Grubb &Ellis' first quarter report. "We can put together almost 80,000 sfof contiguous space," Bonnell says. "It's one of the only existingDowntown buildings that have it."

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Bonnell says the targeted tenant mix is corporations, law firms,insurance companies and financial institutions. "This hasmedium-size floor plates that work for medium to larger tenants" headds. The leasing team includes senior vice president Don Mudd,vice president Jason Moore and senior associate Brett Abramson. Thespace has been tagged at $24 per sf to $26 per sf, fullservice.

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