Building owner Waterton Residential brought in CB Richard Ellis to market the space and act as consultant on the recent renovation project, which focuses in part on increasing external accessibility. "When the building was built in the late 1980s, the West Loop was an area that wasn't particularly desirable - not at all like it is today, when it's where everyone wants to be and an extraordinary place to have your headquarters," Bruce Kaplan, SVP with CBRE, tells GlobeSt.com. "We fastforward 20 years and the area is now remarkably desirable and very heavily trafficked."

The Presidential Towers houses 2,346 apartments, and the neighborhood surrounding in an eight-minute walking radius sees a residential and daytime population of 136,000 people, Kaplan says. "Now we're going to take advantage of the area's residential and office population," Kaplan says. "This is going to be a neighborhood development, serving the residents of Presidential Towers and the surrounding three or four blocks."

Asking lease rates range from $32 to $50 per square foot net at the property's redeveloped retail component. Expected to deliver to tenants in summer 2010, space is available in sizes ranging from 2,000 to 30,000 square feet. The property, which is also undergoing a renovation of apartment units, offers 1,159 in-building parking spaces.