CHICAGO-Prime Group Realty Trust has recently completed a $24million upgrade project at 330 N. Wabash, formerly known as the IBMbuilding. The trust upgraded infrastructure and restored its lobby,and also has an additional $50 million for future work, in anadmitted attempt to woo tenants to the empty top 11 floors vacatedby Jenner & Block, company officials say.

The law firm moved into more than 400,000 square feet in the new353 N. Clark St. building, leaving the 52-story Wabash tower almosthalf-vacant. However, the first 12 floors of the building are beingconverted to hospitality, with 335 hotel rooms under construction,not owned by Prime Group. Jeff Patterson, CEO of the company, sayshe thinks the hotel is supposed to open in 2012. LaSalle HotelProperties is the major owner of the rooms, and there’s been noannouncement yet of a brand, Patterson says.

Floors 13 to 37 are fairly well leased, and go for about mid-$20per square foot, net, Patterson tells GlobeSt.com. He says becausethere’s no new construction planned, 330 N. Wabash has a goodchance of being a top contender for the next tenant that looks tomake a big-block move. “One of the reasons we repositioned thebuilding is to lease those top floors,” he says. “There’s been someinterest, it’s a pretty unique space. The $50 million is our drypowder to do a lease deal, it can be used as tenant improvement andleasing commission costs.”