IBM Tower’s New $200M Lease on Life
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|Besides its iconic Mies van der Rohe architecture, the tower he designed for IBM in ’71 has an irresistible lure that recently qualified it for a $200M re-fi, says its landlord, Prime Group Realty Trust CEO Jeff Patterson (standing second from right, with his team). After nearly four years of repositioning, 330 N Wabash Ave (jointly owned with Five Mile Capital) has leased about 500k SF of offices, bringing it from 35% leased to 88%, Jeff tells us.|
Star signatories: the AMA for 300k SF, Latham & Watkins for 143k SF, and Smith Bucklin for 111k SF.