CHICAGO-Chicago Community Trust, a 95-year-old public charity, has leased 24,000 square feet at Michigan Plaza, a two-tower complex at 205/225 N. Michigan Ave. in the East Loop. The tenant is moving from about the same size office at 111 E. Wacker Drive.

Mark Buth, SVP and managing director of leasing services for MB Real Estate, represented the building owner, a partnership of Loeb Partners Realty and advisor to Sir Joseph Hotung, a British investor. Buth wouldn’t comment on the lease specifics other than to say it’s “long term.” The 1.9-million-square-foot Plaza is 81% occupied, he says.

Tenants include Blue Cross and Blue Shield Association, MCI, Omnicom and Fox Television, with rates in the $16 to $20 per square foot range, net, according to Buth. Other non-profit tenants include the McCormick Foundation, Alzheimer’s Association and the American Cancer Society.

He was quick to point out that the pick-up in leasing activity that started near the end of 2010 has continued into the second quarter. “Last year ended up flat, but in 2011 we’ll see positive absorption,” Buth tells GlobeSt.com. “If you look at the cycles, we’re on a five-year cycle right now. The years 2006-7 were the two best years we’ve had in the past 10 years, there was 2.7 million square feet absorbed in 2007. That bodes well for 2012 and 2013, especially if there’s no new construction by then.”

Buth was joined on the lease by Kathleen Bertrand. Lisa Davidson and Tiffany Winne with Studley represented the tenant.