"There are still many viable relocation options and restructure opportunities available in the North Corridor of Chicago," says Metzl. He did not divulge the lease rate or year term. The average asking rent for that market is $24.34 per sf for a class A office property, and the North area has the lowest vacancy rate at 14%, according to Grubb & Ellis Third Quarter Office Market Chicago Snapshot. However, more than three-quarters of a million sf is under construction in the market, competing with current class A space.
Michael Whisler with CB Richard Ellis represented ownership of the four-story, 120,927-sf building, which was built in 1986. Other tenants include Smith Barney and Educational Tours Inc. The building is about 70% occupied, according to CB Richard Ellis.
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