Adam Sharif, president and CEO of Randolph Equities, says groundwill be broken on the development in September. Construction isexpected to last roughly 10 months, with delivery in the summer of2009, according to Sharif. The development falls within the EasternDuPage submarket, an area Sharif says has an almost unparalleledhigh occupancy rate. "The beauty about that area right now isyou've got absolutely no vacancy for best-in-class buildings,"Sharif said. "Even if you go into class B and C buildings, you'relooking at a maximum vacancy rate of 3% or 4%."

The building is also in close proximity to some of the region'smain hospitals, including Elmhurst Memorial, Good Samaritan andHinsdale. "It's a very tight market, and the demographic of the OakBrook-Eastern DuPage market is an affluent demographic that tendsto have private insurance," Sharif tells GlobeSt.com. "Every healthcare system wants to be in that submarket because they need accessto those types of patients."

The building is around 40% preleased to various tenants, mostlysmall groups of doctors on the first and second floors, Sharifsays. The third and fourth floors remain vacant at this point, andthe company has a specific tenant in mind to fill the space. "We'relooking for a mid-to-large-sized hospital system to anchor thethird or fourth floor," Sharif says. He says the asking lease ratein the building is around $27 per sf, net.