"Grubb & Ellis Realty Investors is committed to managing each property in our portfolio as resourcefully and responsibly as we can on behalf of each participant in our investment programs," Kent Peters, EVP of asset management with Grubb, says. "The Energy Star designation is a wonderful accomplishment, and highlights the hard work and dedication of the entire management team."
Designed by Ralph Johnson of Perkins+Will, the 30-story office tower was named 1986 Building of the Year by the Chicago Sun-Times and completed in 1987. The building last traded hands in 2005 when Triple Net Properties acquired it from Prentiss Properties. Grubb & Ellis assumed the building after merging with NNN Realty Advisors, the parent company of real estate investment firms including Triple Net Properties.
Robert Assoian, SVP of asset management with Grubb, oversees the property, where asking lease rates are around $24 per square foot. It is managed by an on-site team led by property manager Thomas Murphy and chief engineer Greg Allen of Grubb. The property is located in the West Loop submarket, where overall occupancy is around 87%, according to Cushman & Wakefield's Q1 office market report.
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