CHICAGO-Urban Retail Properties is moving to 16,581 square feeton the 24th floor at the 111 E. Wacker building. Thecompany plans to move from its current lease at 900 N.Michigan.

Boris Yelyashov, VP with Mb Real Estate, says the space wasperfectly set up for the tenant and will be an easy move in. Hewould not comment on the length of the lease except to say it islong-term. The building, part of the 4.6-million-square-footIllinois Center complex, has an asking rate of $14.50 to $15 persquare foot, triple-net.

He tells that while it is a great time to be atenant in this 17.2% vacant downtown office market, executivesshould still examine their business cases if they are thinking of amove. “Though this is a great time to leverage and some companiesmay have the right terminate naturally in this market, but at thesame time it may not make business sense. They may have lost a bigclient, for example, and they need to think about where theirbusiness is going. They may not want to make a seven-to-10 yearcommitment if they have three years left on their lease, it maymake sense to ride it out,” Yelyashov says.

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