Although terms were not disclosed, Prime Group Realty Trust's asking net lease rate at 33 W. Monroe St. is $15 per sf. Fireman's Fund moves into its new quarters Jan. 1. nearly doubling the building's occupancy.
"They recognized the benefit of a convenient, Central Loop location and the quality of the building," says co-president and chief investment officer Jeffrey A. Patterson.
While the deal comes at the expense of other Downtown buildings, chairman Stephen J. Nardi sees it as a positive sign for the market. "This lease is a strong sign of a possible uptick in the somewhat down market we have gone through," Nardi says.
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