With an 83.3% occupancy rate, the five-building office complex in this west suburb was among the worst performers in the largest US office REIT's Chicago area portfolio, according to the company's most recent quarterly report. While details were not released, Equity Office Properties is asking $25 per sf for space at the 1.1-million-sf complex along Cermak Road, off from the $26.71 per sf it has been averaging at the property. The asking rate would produce a $22.5-million value for the renewal deal, which includes a relocation to Three Westbrook Corporate Center from other space in the complex, as well as consolidation of two other offices.
The Staubach Co. principal Eric Kunkel and associate Tim Hart represented Peoplesoft while Lyle Patterson of Equity Office Properties handled negotiations for his REIT.
The Staubach Co. is not done, however, as principal Dan Stanciu's design, consulting and construction services group is overseeing the relocation and consolidation.
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