Jeff Kaiser, a VP with CB Richard Ellis, represented thelandlord Hertz Investment Group in the transaction. He says thetower is about 69% leased with the new tenants. Kaiser that Bank of America used an option in their lease toterminate 140,000 sf, about half of what they were leasing in thebuilding. "Three years ago, they had more than 360,000 sf. They'vegiven us a big challenge," Kaiser says.


David Morris, Rebekah Bahn and Meg Mannion with Grubb &Ellis|Gundaker Commercial represented Senniger, while Crane wasself-represented. The asking rate in the building is $18 per sf,though the two recent tenants got a better deal, Kaiser says,though he couldn't elaborate. "Hertz was very aggressive in gettingthe space leased," he says.


Bank of America leases space in two Downtown buildings, theother being the Bank of America Plaza, which has the larger spacefor the tenant, Kaiser says. The Tower is one of two "bookend"buildings, both owned by Hertz, on either side of the oldcourthouse in the Downtown. Regarding the local market, Kaiser saysit could be better. "There's just flat absorption right now, wewere thrilled to get these leases."


He says the downtown owners are all waiting to see what ahandful of large law firms are going to do as they look for newspace. Companies looking to fill about one million sf includeThompson Coburn, Blackwell Sanders, Polsinelli Shalton FlaniganSuelthaus, Lewis Rice & Fingersh and Armstrong Teasdale. Someof the firms have said they'll consider moving into Downtown spacessuch as the $250 million Ballpark Village, but others are lookingmore at the nearby suburb of Clayton.

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