Realty and Building

- July 1, 2000 - Acquiring its second Chicago property in two years, Shorenstein Co. LP has purchased the 2-million sq. ft. Prudential Plaza complex in Chicago's East Loop. The San Francisco-based company brought the two-tower complex at Randolph Street and Stetson Avenue from Prudential Insurance and Nippon Life.

"The Prudential Plaza purchase demonstrates our continued appetite for properties with potential for significantrevenue growth," said company chairman Douglas Shorenstein. "We target high quality, substantially leased office buildings in markets ready for a resurgence, as well as properties that we believe are underperforming and which we can address by using our substantial operating expertise."

Currently, Prudential Plaza's original one million sq. ft. tower, constructed in 1955 and renovated in 1990, is 83% occupied. Pru II, completed in 1990, has maintained 90% occupancy of its 951, 000 sq. ft.

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