"The property sold for approximately $123 per sf, which represents a strong sale price given the weakness in Chicago's CBD office market," says CB Richard Ellis' investment properties--net leased property group vice president Andrew Sandquist. Sandquist and Robert Brennan, co-founders of the firm's net leased property group, represented Applied Graphics Technologies.
Although terms of the lease were not disclosed, published gross lease rates in the River North area begin at $14 per sf. With a total vacancy rate of 24.7%, River North remains the weakest Downtown submarket, according to US Equities Realty's most recent market report.
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