Equity Office Attacks Suburban Vacancies

CHICAGO-Equity Office Properties Trust has leased more than 250,000 sf of space in five suburban properties, located in submarkets that have seen varying degrees of vacancy increases as well as sublease space hitting the market. The biggest deals were at the Corporate 500 Centre just across the Cook-Lake county line in north suburban Deerfield, where nearly 100,000 sf was taken in two deals.

Consulting company William M. Mercer Inc. signed a lease for 65,543 sf, giving them a branch office there. Ned Franke and Jim Ward of Grubb & Ellis represented William M. Mercer Inc. Also at Corporate 500 Centre, Internet –based business education and training firm UNext.com took an additional 30,453 sf, giving the company 105,000 sf in the four-building, 655,872-sf complex. Joe Arnstein and David Stein of Steinco, Inc. represented Unext.com in the lease expansion.

The 1.1-million-sf Westbrook Corporate Center in west suburban Westchester had a 20% vacancy rate until three new leases were signed, removing more than 30,000 sf from the market. Fresenius Healthcare, represented by Bob Titzer and Phil Simborg from Prime Group & Mohr Partners, signed a 22,437-sf lease. 3M, represented by Ellen Steinbecher of Insignia ESG, renewed a 19,596-sf lease. Pharmaceutical and agricultural products developer Aventis, represented by Eric Kunkel and Tim Hart from Staubach Company, signed a new 10,947-sf lease for a Midwest sales office.

At Tri-State International Center, Italian specialty cheese producer Saputo Cheese U.S.A, Inc. expanded its lease by 15,965 sf to create a 27,116-sf US headquarters in north suburban Lincolnshire.

At One Lincoln Center in west suburban Oak Brook, Mazda Motors signed a new 11,164-sf to house its dealer support network and advertising department. Dan Stone and James Dingeman of CB Richard Ellis represented Mazda Motors.