More than 200 executives, now working primarily in East Chicago, IN and Richfield, OH, will relocate to the 18th and 19th floors 1 S. Dearborn St., which will be anchored by Sidley Austin Brown & Wood. About 10,000 of the company's 21,000 US employees work across the state line in northwest Indiana, notes Mittal Steel USA chief executive officer Louis Schorsch, a native of Chicago. "It's great to be back home," he says. "We've been spending a lot of time on airplanes."

Although lease terms were not available, published asking net rates at the property, now more than 80% leased, are $24.50 per sf. The state put together a $7.5-million incentive package that includes corporate income tax credits through the next 10 years, a grant for infrastructure improvements and job training money. "I feel confident we're getting a tremendous return on our investment," says State Senator Mattie Hunter, whose 3rd District covers Downtown.

Mittel also is getting $2 million in tax increment financing from the city to help pay for furniture, fixtures and equipment. "Obviously, I think Mittal Steel has made an excellent choice," says Mayor Richard M. Daley.