For TrizecHahn Corp., which in addition to managing the tallest building in North America owns a subordinated mortgage on the 3.5-million-sf tower as well as an option to purchase, time is on its side. The building at 233 S. Wacker Dr. has a 5.4% vacancy rate now, TrizecHahn won't have to deal with hearing "no" on lease renewals too often through 2003.

"The Sears Tower has minimal expirees the next two years," says President and CEO Christopher Mackenzie. "We've already leased 170,000 sf of the 200,000 sf coming vacant in '02, leaving about 30,000 sf to fill next year. In '03, the expirees are only 148,000 sf. The average lease term is 7.1 years. The Sears Tower remains a highly desirable work place and is probably the finest building in Chicago. We're comfortable the companies will want to continue to be located there."

Mackenzie conceded during an earnings conference call that the company has spoken to some tenants about the possibility of their leaving, but those leases all are under 2,000 sf. Meanwhile, tourists' fear of heights and trophy office towers in the wake of Sept. 11 is affecting TrizecHahn's Sears Tower bottom line to the tune of $750,000 per year in lost Skydeck revenue, adds Antonio Bismonte, who heads leasing and operations in TrizecHahn's Sears Tower office. Before Sept. 11, TrizecHahn was projecting Sears Tower net operating income of $73 million this year, rising to $88 million in 2003.

"We did a little haircut assuming the Skydeck would take a bit of time to come back to our normalized level, and also an impact on our retail operations," Bismonte says. "But for the most part, the bulk of the income is from the leases we have with our tenants, and there's virtually no rollover in that component."

Meanwhile, office workers Thursday impressed fire officials by evacuating from the third and fourth floor in less than two minutes. Under a new ordinance passed by the city council, Sears Tower and all other buildings taller than 780 feet will have to file evacuation plans and procedures as well as conduct drills twice a year. Fire officials believe the Sears Tower could be fully evacuated in about an hour.

Concrete barricades, recently painted red, white and blue, surround the base of the building and tow trucks loom for those who park on Adams and Franklin streets as well as Jackson Boulevard and Wacker Drive.

"We've always had a regular and extensive cooperation with the police and fire authorities on our safety program," Mackenzie says. "Immediately after the events of Sept.11, we retained two highly regarded security consultants…to compile an extensive review of the operations of Sears Tower. Based on their findings, we've implemented a number of new security measures, including new X-ray machines, metal detectors and upgraded tenant and visitor access procedures."