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Summit awarded leasing of troubled BMO Plaza

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On The Beat Industry News In Brief

The tall task of signing tenants for the troubled BMO Plaza, which sits nearly half vacant, has been handed to Summit Realty Group.

Summit announced Nov. 21 that building owner True North Management Group LLC selected the local real estate brokerage to manage marketing and leasing services for 28-story BMO Plaza.

Bill Ehret and Nancy Gibbs of Summit assume the duties from Jon Owens and Russell Van Til of Cassidy Turley.

As of September, the building at 135 N. Pennsylvania St. was 57-percent occupied. The top six floors, totaling 105,964 square feet, are available and are believed to be the largest single block of space available in the downtown market.

Summit already has a presence at BMO Plaza. In May 2012, it took over management from CBRE; BMO Plaza became the first multitenant downtown office building in Summit’s property management portfolio.

With 435,000 square feet of rentable space, BMO Plaza is the city’s ninth-largest downtown office complex, according to IBJ statistics. Rent is $18 per square foot.

The building’s largest tenants are BMO Harris Bank, the U.S. Department of Defense and General Electric Capital Services.

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