Harris Renews Office Leases for 165,000 SF

CHICAGO-Harris, a locally based financial institution, has renewed leases for two operational centers in the Chicago suburbs. Harris renewed a lease for 98,105 sf at 700 Lake Cook Rd. in Buffalo Grove and renewed a lease for approximately 67,600 -sf at 3800 Golf Rd. in Rolling Meadows.

Keith Knox, Tim Spillane and Rick Benoy, all with Jones Lang LaSalle, represented Harris for the lease negotiations. Mark Smith and Jack Reardon, both with CB Richard Ellis, represented Atrium Corporate Center for the Rolling Meadows lease and Kevin Clifton, with Colliers B&K, represented First American Properties LLC, which owns the building in Buffalo Grove.

Harris chose to renew in the two locations because of reduced rental rates, says Spillane, who is a senior vice president with Jones Lang LaSalle. Harris renewed its lease until 2010 in Buffalo Grove. The financial institution uses the entire single-story office building. Spillane said he could not disclose the lease rates or aggregate values of either lease. The market rate for the area is between $11 per sf, net and $12 per sf, net and the lease rate for Harris is “$3 or so below market,” Spillane tells GlobeSt.com.

Harris renewed its lease until 2016 for the space it leases at the Atrium Corporate Center, a 483,000-sf, three-story building, which is jointly owned by Lincoln Property Co. and Prudential. The average lease rate for the Atrium Corporate Center is around $23 per sf, gross and the lease rate for Harris is about “$1.50 to $2 below” the average rate, Spillane says. Harris has leased space in the building for about seven years. The Atrium Corporate Center, which was constructed in 1968 and expanded in 1998, is currently 96% occupied. Other tenants in the building include adidas, Riverside Publishing and Aetna, he says.