ROLLING MEADOWS, IL-Fifth Third Bank has consolidated its regional headquarters here at the 910,000-square-foot Continental Towers office complex, down from 100,000 square feet to 52,801 square feet. The bank recently signed a long-term lease at the property for two floors at Tower I.
Steven Kling with Colliers International says the new special servicer for the property, CW Capital Asset Management, has been working hard to boost the occupancy in the complex, which is more than 50% vacant. Prime Group Realty Trust defaulted on $115 million in loans for the complex, and CW took over.
Kling says 114,000 square feet of leases, about half renewal and half new leases, have been signed at the complex in the past eight months, including Berry Plastics for 16,000 square feet, Chicago Title for 6,401 square feet and Konica Minolta for 12,188 square feet. Kling and Jason Simon represents CW on the leases. Kevin Rogers, Paul Diederich and Mark Smith with CB Richard Ellis represented Fifth Third Bank on the recent deal.
“The past three years have been very difficult, with a lot of negative absorption and competition,” Kling tells GlobeSt.com. “But we’re really noticing that activity levels are increasing, we’re busy sending out proposals and doing showings. It’s not just here, but throughout the suburbs, there seems to be a generally much better attitude in regard to the business climate.”
Current availability at Continental Towers totals 490,000 square feet. This includes all of Tower II, which is 281,528 square feet, and a large 118,410-square-foot block in Tower III.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.