CHICAGO-TIER REIT Inc. has hired HFF Inc. to market its 10 and 120 South Riverside Plaza office towers for sale. The two, 21-story buildings total 1.4 million square feet of rentable office space.
The properties, in the city's West Loop, were built in the mid 1960s and are currently 98% leased, according to CoStar Group. The 10 South Riverside Plaza property will lose Zurich American Insurance Co., which occupies approximately 100,000 square feet, next year when it relocates its operations to 300 South Riverside Plaza, according to Crain's Chicago Business.
In addition, the Dallas-based TIER REIT, formerly known as Behringer Harvard REIT I Inc., is planning to spend $5 million in improvements geared at leasing up its One Financial Place office tower at 440 South LaSalle St. See story in Crain's Chicago Business.
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