Occupancy for the building is currently about 60%. There are no major tenants, with the largest tenants leasing no more than 20,000 sf, Reschke says. Tenants include small insurance companies, law firms and accounting firms, he says. The building has 16,000 sf floor plates. The asking lease rate is currently $27 per sf gross, and Reschke says the asking lease rate will increase to $30 per sf gross when the renovations are completed.

The building is listed on the National Register of Historic Places and Prime Group is seeking city landmark status, Reschke says. With the landmark status, Prime Group can receive a federal tax credit of 20% of the construction cost and receive approximately a 50% reduction in real estate taxes for 12 years, he says. The building was designed by the Chicago architectural firm of Holabird & Roche and the original 16 stories were constructed in 1915. In 1922, the building was increased to 21 stories, and then to its current 35-story height in 1925. The building was originally called the Chicago Lumber Exchange and "has a lot of history to the building," Reschke says. The building has a bell tower which will be made operational during the renovations, he says.