Grubb & Ellis reportedly assumed the building, at 525 W. VanBuren St., last year, after merging with NNN Realty Advisors, theparent company of real estate investment firms including Triple NetProperties, which last purchased the 16-story property five yearsago. Grubb & Ellis representatives confirmed the planned saleto Franklin Street and the expected sale price, but declined tocomment further on the deal.

The building was completed in 2001 and has a 40-space indoorparking garage in addition to a 1,700-car parking garage. Thebuilding has a lobby with 20-foot ceilings and column-free floorswith a center-core design. The asking lease rate for the buildingis $19.50 per square foot, net, according to published Grubb &Ellis information. Asking lease rates in the West Loop submarketaverage around $38.

The property was around 80% leased earlier this year, a lowoccupancy rate compared to other buildings in the area. The averageoccupancy rate in Q3 was around 88% in the West Loop, according toCushman & Wakefield market research. Tenants include thefederal government, Akzo Nobel Inc., North American Co. for Lifeand Health Insurance and Amtrak, which all have leases expiring in2011 through 2013. GE Employers Reinsurance Co. had been a majortenant in the building until early this year, when they vacated thefourth and fifth floors to move to 227 W. Adams, playing a largerole in the property's vacancy.

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