United Stationers moves its headquarters from 2200 E. Golf Rd. in Des Plaines, where it has 179,000 sf, to the office park at Interstate 94 and Deerfield Road. "At the present time, we operate from three separate buildings located in Des Plaines and Mount Prospect," says United Stationers president and chief executive officer Richard W. Gochnauer. "Our company's growth is outpacing the current space. The Deerfield facility gives us the flexibility to develop a scalable infrastructure to accommodate expansion."

Although financial terms were not disclosed, the REIT was asking net lease rates starting at $12.50 per sf. at One Parkway North. However, CarrAmerica Realty is picking up $7 million of the approximately $16 million United Stationers will spend on furniture, fixtures, general purpose build-out and infrastructure technology at the 251,018-sf One Parkway North, according to the tenant. United Stationers becomes one of the REIT's 25 largest tenants, at least in terms of square footage, now occupying 1.3% of its entire portfolio, as well as nearly 17% of its seven-building, 1.2-million-sf collection of suburban Chicago holdings. Michael Burns of the Staubach Co. represented United Stationers.

While CarrAmerica Realty is sole owner of One Parkway North, it is a 35% joint venture partner with New York State Teachers' System on the rest of the office park. That portion of the office park already was 94.8% leased to begin the third quarter, according to the company's earnings report.

However, CarrAmerica Realty's local portfolio still has a 20% vacancy rate even with United Stationers' addition to the tenant roster. "Deal flow is up but this market remains relatively weak," said president and chief operating officer Philip L. Hawkins during Friday's earnings conference call. "I expect it to remain so in the foreseeable future, particularly in the East-West Corridor."

While total vacancy in the north suburban submarket is 18.4%, according to US Equities Realty's second-quarter report, it is 23.9% in the East-West Corridor.

Instant Insights /

Parkway North Lands 205,000-SF United Stationers HQ

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