Although terms were not revealed, published asking net lease rates at the 300,000-sf building are $17.50 per sf. "The mantra for law firms today is creating more favorable rent-to-revenue ratios, the industry benchmark for healthy real estate transactions," says David J. Gelfand, a member of a team of Julien J. Studley Inc. brokers that represented Masuda, Funai, Eifert & Mitchell. "This transaction clearly accomplished that."
In an unrelated deal, ACS leased 31,926 sf at 191 S. Gary in Carol Stream. Staubach Co. associate Trevor Ragsdale represented ACS while Richard Panichi of PanCor 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.