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.

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