Terms of the deal were not disclosed. However, published asking rates at the 118,264-sf, class-A 155 Pfingsten Rd. are $17 per sf on a net basis. The class-A vacancy rate in the North suburbs was 15.9% at the end of the first quarter, according to U.S. Equities Realty, but soars to 28% when available sublease space is considered.
With 20 other properties under consideration, the terms were "very competitive," according to officials at Julien J. Studley, Inc., whose team of Michael Burns, John Goodman and Richard Schuham did a comprehensive survey of the office market for NuWorld Marketing.
Kevin Clifton of Lincoln Property Co. represented building ownership.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.