Torrance, CA-based Toyota Financial Services signed a 21,643-sf lease for its sales and regional administration office while Cardiac Surgery Associates is taking 8,538 sf for a clinic and administrative offices.

While terms were not disclosed, published asking net lease rates at Corridors III are $16.75 per sf.

Class A vacancy in the East-West Corridor is 25.3%, but rises to 31.8% when available sublease space is added, according to US Equities Realty's most recent office market report. Overall, the largest suburban submarket at 27.8 million sf stands at 28.9% to begin 2004, according to US Equities Realty.

However, the signing of Toyota Financial Services and Cardiac Surgery Associates gives Skokie-based The Alter Group confidence to add a fourth building on 115 acres near the crossroads of the East-West and North-South tollways.

"With Corridors III now completed and leased, we will soon announce final development plans for Corridors IV, a 250,000-sf seven-story building that we will market to large users interested in the prominent expressway location," says senior vice president Matthew A. Ward, who handled negotiations for his company on both lease deals.

Staubach Co. SVPs Wade Clark and Andrea Van Gelder represented Toyota Financial Services while CB Richard Ellis senior associate Kevin Rogers represented Cardiac Surgery Associates.

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Lease Deals May Jump-Start Major Suburban Office Development

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