Although lease terms were not disclosed, published asking rates at the property are $17 per sf on a net basis. However, Equis Corp. SVP Gregg Raus says the deal, which helps keep occupancy at Woodfield Corporate Center at 75%, reduced the tenant's costs by 15%.
Jack Reardon of CB Richard Ellis, Inc. represented JP Morgan.
The Northwest suburban submarket began the year with 26.8% of its inventory of nearly 30 million sf available, according to Julien J. Studley, Inc. The tenant representation firm's report also notes the largest fourth-quarter suburban lease was AC Nielsen's 184,000-sf deal at Woodfield Corporate Center.
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