With tenants moving from building to building, coupled with a lack of new tenants and an abundance of new space coming online, Chicago's overall office-market vacancies have remained in the high teens. Barton's relocation proves helpful for Hines in this case, as the tower now straddles an 80% preleased occupancy rate, allowing representatives to breathe a bit easier before the building's year-end completion.

According to Greg Van Schaack, a senior vice president with Hines, the marketing campaign at 1 S. Dearborn is entering the final phases, and remaining spaces available will accommodate users with requirements ranging from 2,000 sf to 60,000 sf. "Amid a challenging leasing market, we've continued to see long-range planning professional firms migrate to newer, well designed buildings," Van Schaack says.

Rob Schmidt and Pam Stamataky of the Staubach Co. represented Barton in the 15-year lease. Van Schaack and Brad Soderwall, project manager, represented Hines in-house; both based at its Chicago regional office. Hines and private investors are financing 1 S. Dearborn with debt and equity led by JP Morgan Chase.