J.C. Penney Co. relocated its store at 6101 Airport Blvd. aboutfour months ago at the end of a 35-year sale-leaseback withGreyhawke Capital Advisors LLC, which is holding a 17.28-acre siteon the doorstep of a proposed light-rail station. As would beexpected, the store is attached to the mall, but Greyhawke'spresident Robert J. Rosen sees that as a plus in marketing tooffice tenants. "I don't believe there's any office space you canget with access to shops, restaurants and rapid transit for $12 persf," he tells GlobeSt.com.

Rosen says he's also not opposed to splitting the uses orscraping the site. "As of now, the building's in good shape," hesays. "We'd consider tearing it down for the right tenant and theright price." But, he adds, today's construction costs make it moreof a candidate for retooling than scraping.

Rosen says he's been in discussions with the mall owners aboutthe likelihood of a makeover on their space, but it doesn't appeartoo likely at this stage. The mall is believed to be the only jointventure holding of Chicago-based General Growth Properties Inc. andIndianapolis-based Simon Property Group Inc. General Growthinherited the partnership stake in 2005 when it bought theColumbia, MD-based Rouse Co.