Although occupancy at the three buildings is 90%, a major tenant is committed to moving to John Buck Co.'s 111 S. Wacker Dr. Lord Bissell & Brook signed 194,035-sf deal a year ago for space in the new building. Another law firm, Chapman and Cutler, is a major tenant at LaSalle and Monroe streets, but Harris Bank occupies more than half the space in the buildings, which range from 21 to 37 stories and were built in 1910, 1958 and 1974. Harris Bank paid $94 million for the buildings in 2001, according to property records.
The Houston-based real estate company, which will take over property management and leasing at the properties, will not have to worry about finding a replacement for its namesake tenant soon. "We are pleased to have acquired these quality buildings that Harris Bank will continue to occupy for the long-term," says Hines senior vice president Tom Danilek.
Backed on this deal by the largest US public pension fund, Hines is in a buying mode, adds senior vice president Daniel MacEachron. "We have capital commitments for 2005 that provide us with a new investment capacity of up to $1.5 billion," he adds.
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