What will it take to fill the space at Trump Tower? – Crain’s Chicago Business

As he wrapped up construction of his Chicago tower in 2008, developer Donald Trump was confident the building's commercial space wouldn't be empty for long. Talks were underway with seven potential tenants, including some "very fine" restaurants, he said at the time.

More than 11 years later, Trump occupies the Oval Office, and almost all of the 62,000 square feet of space at the bottom of the 92-story skyscraper still sits vacant. Trump's company, the Trump Organization, is now on its third broker for the riverfront space, hiring Cushman & Wakefield last month to court tenants for it.

It's one of the toughest leasing assignments in downtown Chicago. Though the space in Trump International Hotel & Tower offers great views of the Chicago River, it's hard to get to, with no street frontage, and has physical limitations, like low ceilings, brokers say.

Adding to the challenge is the Trump brand, which is so polarizing that many businesses automatically rule out moving there. Last year, the space's previous broker, A-R-C Real Estate Group, even put out a brochure with a photo that omitted the massive "TRUMP" sign on the side of the building, raising questions about whether the broker considered the name a liability.

"It has a lot of negative energy surrounding it," says David Stone, founder and principal of Stone Real Estate, a Chicago-based retail brokerage.

Representatives of the Trump Organization didn't respond to requests for comment, and Cushman declines to comment.

Trump has handed operational control of the New York-based Trump Organization to his sons, but he hasn't divested his real estate holdings, including the commercial space and most of the 339-room Chicago hotel at 401 N. Wabash Ave.

How will the Trump Organization fill the space now? A Cushman brochure says it's "suitable for everything from hospitality, entertainment, office and medical." Stone and two other Chicago real estate experts discuss those ideas and some others here.

See the rest here:
What will it take to fill the space at Trump Tower? - Crain's Chicago Business