Of the estimated 850,000 sf Andersen rents Downtown, 678,735 sf is at two Prime Group holdings – One IBM Plaza and 33 W. Monroe St.
Andersen paid Prime Group more than $9.8 million in rent last year, representing 6.56% of the beleaguered REIT's office portfolio income. In terms of square footage, Andersen occupies 5.36% of Prime Group's portfolio, according to its most recent quarterly report.
However, Prime Group has shown some resiliency when faced with struggling tenants. The REIT filled space at Continental Towers in Rolling Meadows vacated by financially troubled Schaumburg-based Motorola, Inc.
Coincidentally, Prime Group's accountants are not Andersen. Rather, the firm employs Chicago-based Ernst & Young LLP to review its books.
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