Morgan Stanley was represented in the lease by SVP Louis Hall, who declined to comment on the deal. The lease rate and term of the company's deal was not disclosed. About 3,000 square feet remain available to lease on the building's second floor.
The Drake Oakbrook Plaza consists of two four-story buildings. It last changed hands a little more than two years ago, when the buildings were 96% occupied. Private investor Marvin Herb purchased the property from the Illinois Municipal Retirement Fund for $61 million, sources say.
The building is in the Interstate 88/East-West Corridor submarket, in the western suburbs. Asking lease rates in the submarket are around $26 per square foot, gross, according to Cushman & Wakefield market research. The submarket was about 80% occupied in Q3, the research said.
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