(Save the date: RealShare Chicago comes to the Union League Club of Chicago October 23.)

CHICAGO-It’s not too bold to say that the Munich-based GLL Real Estate partners have had a little trouble leasing up the office property at 444 N. Michigan on Chicago’s Magnificent Mile. According to a recent release, since GLL purchased the building in 2006, occupancy has neither moved up nor down significantly more than 75%. However, GLL may have plans to change this as it announced a new capital improvement program today.

This new effort is not out of the blue – GLL have been working to increase building occupancy and aim to have 16 new leases by the close of 2012. To bolster this, the capital improvement initiative will push $13 million to improve the building’s overall appearance, street presence, infrastructure and elevators. At press time, Schindler Elevator Corporation signed a $3 million contract to upgrade elevator cabs and operations. David Wall, head of US-based GLL Development and Management Inc, explained that the systems and infrastructure will be all new: “we’re completely modernizing the elevator systems – all new electronics, destination systems which reduces travel time and waiting time. We’re also refreshing the interiors of the elevator cabs.” He added, “it’s going to operate like a brand-new building.”