Building owner Duke Realty Corp. was represented in-house by Ryan O'Leary, while Central was represented by John Musgjerd, managing director with Jones Lang LaSalle.
"It happens to tenants when you're at one place for a long time, and there's a chance to look at space and get more efficient with your use," Musgjerd tells GlobeSt.com. The company bases its headquarters out of the 280,000-square-foot Riverway II, which is about 90% occupied, he says. Central's office is within the three-building Riverway complex, which offers about 860,000 square feet overall.
The complex is in the O'Hare submarket, where asking lease rates are around $24 per square foot and average occupancy rates are below 79%, according to a recent Cushman & Wakefield market report.
"All of the submarkets are showing between 18% and 22% vacancy, so it's a good time to be a tenant and a tough time to be a landlord," Musgjerd says. "We looked around the market and at the end of the day, this was the right place for Central to be in terms of location and getting a good economic deal."
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