About 14 months ago, we decided the condo route was the way to go. |
The building was physically obsolete, and we knew we could never get a good enough lease rate to pay back all of the tenant improvement costs that were needed. So, basically, we let the leases run out and kept the building going for about three years. |
We own the office building just southeast of us, at 360 South Monroe Street, where my father originally started his cable-TV company (American Television & Communications) in the early 1970s, so we feel we have a strong obligation to improving that neighborhood. |