The building's occupancy has dropped during 2009. During the third quarter 2008 vacancy sat at 14%. Now it hovers around 24%. Tenants include Accenture PLC, which leases 172,000 square feet, and DoubleClick, which occupies 68,583 square feet.
Holliday Fenoglio Fowler LP is marketing the property for sale. The deal is likely to close in January.
Prime Group paid $56 million for the office property in 1998 and then poured $21 million into renovating the 1971 asset.
The deal, which equates to $116 per square foot for the 770,191-square-foot building, is significantly less than an earlier $116.4 million deal that was in the works in late 2008. Los Angeles-based Zaya Younan had agreed to the $116.4 million price last December.
After a series of negotiations Younan managed to bring the price down from the $124 million price tag that had been set in September 2008. The deal fell through in February when the investor was unable to secure the needed financing.
To read the full Crain's Chicago Business article click here.
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