X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROLLING MEADOWS, IL-Struggling Schaumburg, IL-based electronics giant Motorola Corp. left a 190,000-sf hole in Prime Group Realty Trust’s 1.16-million-sf Continental Towers last month. However, Prime Group President Richard S. Curto says the REIT is in the process or signing or finalizing long-term leases on 144,000 sf with a credit tenant at the four-tower complex along the Northwest Tollway.

“We’re significantly ahead of our one-year time period we projected was necessary to lease up this vacancy,” Curto says.

While conceding the soft economy is having an effect on the REIT’s entire portfolio, he reports Prime Group’s occupancy rate in suburban Chicago is 94%. Although occupancy is down from 95.4%, that still is healthier than the 13.1% vacancy rate in the suburban market.

“We’re getting more than our share of leasing action,” Curto says. Meanwhile, 16 new leases and 18 renewals involving nearly 400,000 sf produced net rents 10.65% higher than previous deals, he adds.

Asking rents at Continental Towers are $16.50 per sf net.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.