Search
 

Turn-Around Nearly Complete at 123 N. Wacker

CHICAGO-Xerox Corp. signs a a 21,056-sf lease with Prentiss Properties Trust, bringing occupancy at the 537,000-sf West Loop building to 98% nearly four years after Aon Corp. cleared out.

By Mark Ruda | Updated on March 20, 2005

CHICAGO-Four years after Aon Corp.’s decision to relocate to the East Loop put all of the 537,000 sf at 123 N. Wacker Dr. on the market, Dallas-based Prentiss Properties Trust’s West Loop building is 98% leased. The latest deal brings Xerox Corp. to the building in a 21,056-sf deal that includes the entire 10th floor as well as ground-level retail space.

“With just a few leasing opportunities remaining, 123 N. Wacker has solidified its position as one of the real success stories of the Downtown Chicago market,” says Prentiss Properties vice president Michael Schack, whose company paid $87.2 million for the building in 1999, when Aon Corp. occupied the entire building. Two years later, the tenant moved to 200 E. Randolph St., which was renamed Aon Center. By 2001, however, Prentiss Properties had filled 90% of the building, signing deals with such tenants as Morton Salt, Wells Fargo, Houlihan Lokey Howard & Zukin as well as Meckler, Bulger and Tilson.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.