Memphis, TN-based Sedgwick CMS signed an 18,177-sf lease at Deerbrook Corporate Center for its first satellite office in the market. Lewis Co. signed for 8,888 sf at the building at 570 Lake-Cook Rd., bringing occupancy there to 70%. Although terms were not disclosed, asking net lease rates at the 131,000-sf building are $12.50 per sf. "Logistically, the building's location just makes sense and due to low taxes and competitive pricing the building will continue to attract tenants," says CB Richard Ellis senior vice president Sean Kropke, who represented Los Angeles-based American Realty Advisors with James Otto.
Ayco, which had a lease into 2007 for 20,000 sf, subleased 4,000 sf last year. Studley executive vice presidents Rick Schuham and John Goodman took advantage of north suburban office vacancy rates in the 20% range to leverage a restructured deal with Multi-Employer Property Trust, represented by Kropke and Robert D. Graham. Asking net lease rates at the 120,354-sf Conway Park Corporate Campus building, now 89% occupied, are $17 per sf.
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