Built on speculation, Union Tower was the first in a wave of new office buildings constructed in a West Loop corridor between Presidential Towers and the eastern end of the Eisenhower Expressway. However, the building is plagued by a 23% vacancy rate that is well above the norm for the submarket. Net asking rental rates range from $21 per sf to $23 per sf.
Tapped for the leasing assignment were Jeff Barron and Mike Kazmierczak.
Current tenants include JP Morgan Chase, Ticketmaster, Foundation Health Systems and Starbucks.
US Equities Realty also leases and manages another Principal Life Insurance Co. asset, the 87,210-sf Old Town Square retail center at Division and Clybourn streets on the Near North Side.
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