(To read more on the net lease market, click here.)

CHICAGO-With the exception of a single West Loop building, thesmallest asset in its 2.4-million-sf local portfolio, TrizecProperties Inc. is benefiting from an improving market in itshometown. Vacancy at the 372,000-sf 550 W. Washington St. is 29.9%,but company officials have known for more than a year about leaseexpirations, and are in talks that could quickly rachet upoccupancy.

Occupancy at Trizec Properties' other three properties—2 N.LaSalle St., 10 S. Riverside Plaza and 120 S. RiversidePlaza—averages 88.6%. Those numbers are better than the overallCentral Loop and West Loop submarkets. Even with 111,455 sf ofvacancy at 550 W. Washington St., occupancy in the Chicagoportfolio stood at 85.8% at the end of the first quarter. Chiefoperating officer William Tresham considers the Riverside Plazabuildings and 2 N. LaSalle St. stabilized, and is among those whosee improving market conditions Downtown.