LOMBARD, IL-Two owners in the recovering East-West Corridor submarket have renewed leases totaling nearly 58,000 sf. Principal Life signed a 28,905-sf deal at Butterfield Centre in Lombard, an expansion as well as a renewal of a lease with St. Paul Properties, while Dental Network of America has renewed its 28,847-sf lease at BROE Cos.' Two TransAm Plaza in Oakbrook Terrace.
Although terms were not disclosed, published asking lease rates at the two-building, 278,030-sf Butterfield Centre at 700-20 Butterfield Rd. are $12 per sf, and the renewal keeps vacancy there less than 3%. At the 177,717-sf Two TransAm Plaza, where vacancy is about 6%, asking lease rates are $18.50 per sf. Vacancy in the East-West Corridor, the largest suburban submarket, stands at 23.9% including sublease space, according to U.S. Equities Realty.
Mark Buth and Mike Cello of MB Real Estate represented Principal Life in negotiations with NAI Hiffman senior vice president Michael Van Zandt and senior associate Brian Edgerton, who represented St. Paul Properties, owner of the 26-year-old 700 Butterfield Rd. Health insurance carrier Dental Network of America stays in the building owned by BROE Cos. Van Zandt and Edgerton handled both sides of the renewal.
Further west down Interstate 88, Lisle Technology Partners renewed a 7,758-sf lease at 650 W. Warrenville Rd., at Prentiss Properties Trust's Corporetum in Lisle. HSA Commercial Real Estate vice president Chuck Logan represented Lisle Technology Partners in negotiations with Tom Maschmeier of Prentiss Properties Trust.
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