Neither deal does anything to whittle away at a northwest suburban vacancy rate recently pegged at 28.6% by US Equities Realty. First Midwest Bank will move from 300 Park Blvd., also in the Chancellory office complex. And Chicago-based US Cellular already was a sublease tenant at One Pierce Place.
However, the 525,000-sf One Pierce Place along Thorndale Avenue at Route 53 is 86% occupied, according to Houston-based Hines Interest. Although terms were not disclosed, published gross lease rates start at $23 per sf.
Project manager Creighton B. Wright and vice president Tom D'Arcy handled negotiations for Hines Interests. Claire Paulson-Morabito and Craig Cassell of Grubb & Ellis represented First Midwest, Illinois' largest independent banking company. Renee Betzelos and Chris Bargowski of ProTen Realty Group represented US Cellular.
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