"We have an excellent location with some of the best surrounding amenities in the market," Jack Reardon, who is leasing the building for CBRE, tells GlobeSt.com. "We bought at the right number, so we're going to be able to provide a quality product at a competitive rate. We offer a value, and that's what the market is looking for right now."

The entity acquired the property out of foreclosure, which allowed for a lower purchase price and more funds to be allocated toward capital improvements. "Given the purchase price, ownership has the ability to retrofit the lobby and elevator cabs, improve the landscaping, create new monument signage and upgrade the building's food services facility – and still be able to negotiate market-sensitive deals for space in the building," Reardon says.

The property is currently around 45% occupied, with tenants including Bank of America and Texas Instruments. Asking lease rates are about $19.50 per square foot gross at the building, which offers proximity to O'Hare Airport, Route 53 and local shopping and hotels. Reardon says since he took on the leasing assignment in recent weeks, he's shown space seven times to tenants interested in a total of 150,000 square feet.