The REIT's lenders include DGZ Deka Bank and Fleet National Bank, which have mortgages of $67 million and $12.5 million, respectively, on the 846,760-sf 33 W. Monroe.
Even while the office market was softening in Downtown as well as the suburbs, Prime Group officials have been optimistic about finding tenants willing to match or beat the average $19.12 per sf Andersen paid for its space at the two buildings.
At 656,830 sf, the former Big Five accounting firm had been Prime Group Realty Trust's largest tenant in its 7.8-million-sf city and suburban office portfolio. The REIT also owns 3.9 million sf of industrial assets. At $12.5 million a year, Andersen represented 8.6% of Prime Group's annual revenue.
With Andersen's eventual exodus from the portfolio, National City Bank becomes Prime Group's largest tenant at 568,000 sf, followed by Jenner & Block at 338,000 sf, IBM Corp. at 333,000 sf, ABN Amro's capital markets operations at 256,000 sf and R.R. Donnelley & Sons at 242,000 sf. National City's space is at its Cleveland headquarters, while Jenner & Block and IBM are primarily at the 1.36-million-sf IBM Plaza at 330 N. Wabash Ave.
At $9.6 million a year, Jenner & Block becomes the REIT's highest-paying tenant.
Elsewhere, Prime Group shored up occupancy at 208 S. LaSalle with a 10-year renewal of a 60,043-sf lease with Community and Economic Development Association of Cook County Inc.
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