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TrizecHahn Sees Little Sears Tower Defection

CHICAGO-All but 30,000 sf of lease expirations in 2002 have been wrapped up, while just 148,000 sf in the 3.5-million-sf tower comes up for renewal in 2003. TrizecHahn does project a $750,000 hit in lost Skydeck and retail revenue.

By Mark Ruda | Updated on November 02, 2001

CHICAGO-Heitman Capital, which has a lease at 180 N. LaSalle St. into 2003, made some preliminary cuts of potential buildings while meeting with a leasing broker recently. “We said yes to Quaker Tower, no to Sears Tower,” President and CEO Mary Ludgin told the recent National Association of Office and Industrial Properties Conference here, adding, “But somebody will say yes to the Sears Tower.”

While former President George H. Bush called the 110-story Sears Tower “a symbol of our nation’s strength and vitality” during this week’s reopening of the Skydeck observation deck, some of the 10,000 office workers and smaller tenants in the building have considered it a terrorist’s bull’s eye in the wake of the horrific attacks Sept. 11 on the World Trade Center towers.

Those fears were noted in the Federal Reserve’s recent “beige book.” “Reports of anxiety among occupants of some of Chicago’s trophy office properties became more frequent,” after Sept. 11, it noted, perhaps referring to the John Hancock and Aon buildings as well. “According to one contact, ‘more than one’ tenant of a prominent office tower in the city were looking to leave the building, for fear of losing workers left skittish by the World Trade Center attacks. Some tenants noted that workers in high-rise buildings were less productive because of security distractions.”

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