Suburbs See 100,000 SF of Office Leasing Action

Meanwhile, Ovation Pharmaceuticals signed a lease for 16,730 sf at CarrAmerica's 4 Parkway North in Deerfield, as it relocates from One Overlook Point in Lincolnshire. The lease includes new as well as sublease space.

Also, suburban-focused Great Lakes REIT also says it will meet first-quarter leasing targets. "Leasing for the first quarter looks pretty good," says chairman and CEO Richard May. "Space showings for the first two-and-a-half months of 2003 have increased over the same period last year. Many of these showings have and should continue to result in signed leases."

While lease terms were not disclosed, asking net lease rates at the 546,000-sf complex at the interchange of the Tri-State Tollway and Route 22 are $12.50 per sf and $12 per sf at the 134,280-sf 1700 Higgins Rd.

Alain LeCoque of Newmark & Co. represented Abbott Laboratories while J. Frank Franzese and Peter Block of Cushman & Wakefield represented SRDS. Equity Office Properties managing director of leasing Jim Philbin and leasing representative Katie Whittlesey handled negotiations for the largest US office REIT in both renewals.

Julien J. Studley Inc. managing director Michael K. Burns and EVP John J. Goodman represented Ovation Pharmaceuticals in its lease deal. Mitchell Loveman of Transwestern represented Solvay Pharmaceuticals in its sublease deal while CarrAmerica's Gerald O'Malley handled negotiations for his company.