Keith Knox, Tim Spillane and Rick Benoy, all with Jones LangLaSalle, represented Harris for the lease negotiations. Mark Smithand Jack Reardon, both with CB Richard Ellis, represented AtriumCorporate Center for the Rolling Meadows lease and Kevin Clifton,with Colliers B&K, represented First American Properties LLC,which owns the building in Buffalo Grove.

Harris chose to renew in the two locations because of reducedrental rates, says Spillane, who is a senior vice president withJones Lang LaSalle. Harris renewed its lease until 2010 in BuffaloGrove. The financial institution uses the entire single-storyoffice building. Spillane said he could not disclose the leaserates or aggregate values of either lease. The market rate for thearea is between $11 per sf, net and $12 per sf, net and the leaserate for Harris is "$3 or so below market," Spillane tellsGlobeSt.com.

Harris renewed its lease until 2016 for the space it leases atthe Atrium Corporate Center, a 483,000-sf, three-story building,which is jointly owned by Lincoln Property Co. and Prudential. Theaverage lease rate for the Atrium Corporate Center is around $23per sf, gross and the lease rate for Harris is about "$1.50 to $2below" the average rate, Spillane says. Harris has leased space inthe building for about seven years. The Atrium Corporate Center,which was constructed in 1968 and expanded in 1998, is currently96% occupied. Other tenants in the building include adidas,Riverside Publishing and Aetna, he says.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.