While terms of the deal were not released, Equity Office's asking rate at Corporate 500 is $19.50 per sf, which would make lease worth as much as $1.28 million per year.
Grubb & Ellis senior vice presidents Ned Franke and Jim Ward represented William M. Mercer, which Franke says was attracted to the complex's location as well as window-lined offices, tenant finishes and efficient floor plans.
William M. Mercer will relocate from 1417 Lake-Cook Road into space that was vacated by a company that was involved in a merger, Grubb & Ellis notes.
Vacancy in class A space in the north suburban market was running 8.3% for the third quarter, according to U.S. Equities Realty research.
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