Other tenants with 20,000-sf space blocks are Toyota Motor Credit Corp., Credit Suisse First Boston and Metropolitan Life Insurance Co., on leases that average about nine years. The acquisition of the property at the junction of I-88 and I-355 follows the $72.8-million purchase in August of 3333 Finley Rd. and 1501 Opus Pl., a 320,000-sf complex 100% leased to Acxiom Corp.
"This area is such a great corporate location and features buildings that align with the quality of the entire Wells REIT II portfolio of class-A buildings," says chief investment officer David Steinwedell, whose company's Downtown assets include Aon Center and the Leo Burnett Building.
While it sold for less than the Acxiom Corp. properties at $182 per sf, Corridors III compares with Equity Office Properties Trust's $99-million purchase of Commerce Plaza I, II and III in Oak Brook, which US Equities Realty research notes was at $190 per sf. The healthiest end of the largest suburban submarket, overall vacancy in the eastern end of the East-West Corridor stands at 22.1% entering the fourth quarter, according to Cushman & Wakefield's most recent market report.
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