Both companies were represented by tenant rep specialists at Studley. Silgan Containers, whose parent company is the largest North American supplier of containers for food, personal care and beverages, had nearly four years remaining on its lease, says Studley senior managing director Josh Gorin. Although the firm came up with several relocation alternatives, Gorin says, the ultimate recommendation was to restructure the existing lease at a "below-market" rate. Although terms were not disclosed, published net lease rates in the eastern end of the East-West Corridor are as low as $12 per sf.
Likewise, competitive lease deals were found in the Northwest suburban market, but Caravelle Travel opted to stay at Transwestern Investment Co.'s class-A property at 1900 E. Golf Rd., where published net lease rates are $14.50 per sf. The company's current deal at the building, formerly owned by Great Lakes REIT, was set to expire in February 2006.
Mark Christensen handled negotiations for HSA Commercial, owner of 1140 31st St. in Downers Grove. Studley associate Kevin Moore represented Caravelle Travel in negotiations with Transwestern's Joseph Stevens.
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