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Tenants Renew at IBM Plaza Amid Exodus

CHICAGO-Perkins+Will, AT&T and BCI Aircraft Leasing Inc. renew for a combined 88,555 sf, helping offset the expected loss of the building's two largest tenants, Jenner & Block and IBM Corp., as well as Prime Group Realty Trust's entire portfolio.

By Mark Ruda | Updated on October 19, 2005

(To read more on the net lease market, click here.)

CHICAGO-Faced with the loss of its two largest office tenants, both occupying space at IBM Plaza, Prime Group Realty Trust has signed renewals with three tenants for a combined 88,555 sf. However, the renewals come after Jenner & Block agreed to co-anchor a new development to the west, signing a 375,000-sf deal for the top floors of a 40-story building at 350 N. Clark St.; while namesake tenant IBM Corp. already gave notice to leave 330 N. Wabash for the Hyatt Center at 71 S. Wacker Dr.

Architectural firm Perkins+Will signed a 10-year extension, agreeing to remain in its 48,997-sf space through June 2017. AT&T agreed to a three-year renewal that kicks in next September, keeping 31,735 sf occupied. And BCI Aircraft Leasing Inc. signed a 10-year renewal on its 7,823 sf.

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