While terms were not disclosed, published net lease rates at the 1.1-million-sf West Loop building along the Chicago River are $19.50 per sf. The deals bring vacancy at the 34-story building, 75% owned by Lend Lease Real Estate Investment Inc.'s Value Enhancement Fund V and 25% by The John Buck Co., closer to the West Loop's 17% rate.
The A.G. Edwards deal involved an expansion and renovation of the space, and BEZ Systems also received a host of incentives. "The new space offers them furniture, a phone system--great amenities and existing state-of-the-art technology on the premises," says Grubb & Ellis SVP June Simonian.
The Staubach Co. SVP Bob Peterson and vice president Matt Hofer represented A.G. Edwards. Simonian has represented BEZ Systems since it signed a deal for space at 222 W. Adams St. three years ago. Bill Rolander and Kim Kozlowski handled negotiations for the John Buck Co.
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