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.

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.

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.