CHICAGO—The independent research organization NORC atthe University of Chicago has just signed an extension onits existing 88,000-square-feet at 55 E. Monroe in the East Loop.In addition, the firm has also agreed to a 30,000-square-footexpansion and brought its total footprint in the office tower up to118,000-square-feet. Although several high profile tenants haverecently left the surrounding neighborhood, leasing at this towerremains robust, and the owners' strategy could show other landlordsa way to bolster the submarket's long-term health.

GlenStar Properties LLC and its partnerWalton Street Capital began redeveloping 55 E.Monroe in 2005. The partners did not believe the East Loop wasliving up to its potential as either a residential neighborhood oran office submarket. They began upgrading the offices and convertedthe top nine floors of the 1.6-million-square-foot property intoluxury condominiums. As reported in GlobeSt.com, GlenStar completedthe conversions in 2013 and sold the last of the 215 condominiums by latespring.

And on the office side, in the last 12 months GlenStar hasconvinced existing and new tenants to occupy an additional120,000-square-feet. Perhaps most importantly, PunchkickInteractive, a mobile marketing expert and just the typeof tenant most landlords would love to attract, recently decided tomove from the downtown's high-tech center in RiverNorth into 23,401-square-feet in 55 E. Monroe.