"It's a central location, with close access to publictransportation for students," says Mike Watts with J.F. McKinney.He represented building owner Stonewater Partners in the deal."They also worked it out so the building will have a separateentrance made for the students." Proten Realty Group representedthe school.

The building, previously owned by Chase bank, was bought byStonewater about a year-and-a-half ago, when it was 50% leased. Theowners have since made significant capital improvements to thebuilding, including facade improvements, installation ofenergy-efficient windows and a green roof, and lobby renovations.The building is now about 65% leased, and asking lease rates arearound $27.50 per square foot, gross.

The building is in Chicago's Central Loop area. "Vacancies havegone down in the last several years in the Central Loop and Chicagooverall," Watts says. "But demand is usually slower at the end ofthe year with the holidays. This year, you have the standard end ofyear slow down, plus the economic uncertainty causing people todelay making decisions."