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ROLLING MEADOWS, IL-While court battles and a Jan. 9 foreclosure auction may likely determine the future direction of the Chicago-based REIT, Prime Group Realty Trust has been busy leasing 140,538 sf at Continental Towers in this northwest suburb. The biggest new tenant is Fifth Third Bank, which is taking 94,432 sf here as well as at 1699 E. Woodfield Rd. in neighboring Schaumburg.

Although lease terms were not revealed, Prime Group is collecting an average of $13.63 per sf at Continental Towers, much lower than the average rate of $17.73 per sf for leases expiring this year. That would put the annual value of the deals in the neighborhood of $1.9 million to $2.5 million.

Fifth Third Bank plans to relocate 350 employees to Continental Towers, which will become the financial institution’s Chicago area headquarters.

New leases also include 18,508 sf taken by Personnel Research Associates and 3,916 sf by Exxon Mobil Chemical. Lease expansions include 5,275 sf by Auto, Home and Health Insurance Agency, Inc. In addition, Aon Service Corp. has expanded its lease by about 6,000 sf.

The 975,000-sf, three-building property has undergone a $10-million renovation.

“Continental Towers continues to attract high quality corporate users and the combination of location, amenities and service, make it one of the most sought after complexes in the Northwest Suburbs,” says Prime Group executive vice president Faye Oomen.

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