Office Depot Increases Leased Space by 70%

CAROL STREAM, IL-Office Depot Inc., headquartered in Delray Beach, FL, is expanding its Carol Stream office location by more than 70% to 256,768 sf of a 385,344-sf building at 515 Kehoe Blvd. The company has signed a lease for an additional 105,568 sf, says Steve Medwin, senior vice president with Lincoln Property Co.

Pat Ryan and William Kerrins, both with Paine/Wetzel•Oncor International, represented Office Depot in the lease transaction, along with Medwin and Harry Wardell, with Lincoln. John Gledhill, first vice president with CB Richard Ellis, represented James Campbell Co. LLC, the landlord of the property based in Hawaii.

Best Buy had been a tenant in the property, but relocated to another town south of Carol Stream, Gledhill says. The renovations to the expanded area are expected to be complete within the next 30 days, Medwin says. Office Depot signed an additional lease for the expansion and extended its original lease. The terms of the lease were not disclosed; however, Gledhill tells GlobeSt.com that the asking rate for the building is $4.40 per sf net and “standard leases of this size are often five to seven years in length.”