"They picked it for their US headquarters because they love the building. The location works extremely well for them, it had very good visibility and overall is a nice property," Steve Schnur, SVP with Duke, tells GlobeSt.com. "We have a good relationship with those guys and they want to stay there long term. We certainly had to agree to a very market deal, but for both parties, it was a very good transaction."
The property was built in 1995 as the headquarters for Wallace Computers, an affiliate of RR Donnelly, who sold the property to Duke five years ago for $11 million, sources say. The property was vacant when Duke purchased it, but the company had already lined McCain up as a tenant before closing on it.
Schnur says asking lease rates there are around $15 per square foot net. The Corporate Lakes Business Park is located in the East-West corridor, where class A occupancy rates are around 85%, Schnur says. "Every office market seems to be struggling a little bit, but if you look at it, the East-West corridor is probably the second to strongest submarket, behind the north market," he says.
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