X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LISLE, IL-Prentiss Properties has a rare tenant, as well as a rare asset, in the tech-ravaged East-West submarket, where vacancy was most recently pegged at 23.7%. The Dallas-based REIT’s building at 701 Warrenville Rd. is 100% occupied with telecommunications service provider T-Systems International’s expanding its lease to 42,198 sf.

T-Systems International moved into the 66,959-sf building, located near the intersection of the East/West and North/South tollways, in June 1998 after signing a lease for 6,782 sf.

SVP Ray Shealy reports T-Systems International has doubled in size in the past two years, while competing technology and telecom companies across DuPage County have dumped office space back on the market. T-Systems International now employs 200 people at its North American headquarters here.

On the other end of the East-West Corridor, San Francisco-based Matson Navigation Co. expanded its lease at Terrace Oaks I & II at 17W635 Butterfield Rd. in Oak Brook by 3,360 sf to 14,453 sf.

While terms were not disclosed, published net lease rates at 701 Warrenville Rd. are about $15.75 per sf. Published gross lease rates at Terrace Oaks are $21.50 per sf.

Tom Maschmeier of Prentiss Properties handled negotiations with T-Systems International for his company, which also owns the 323,000-sf Corporetum Office Campus property on the other side of Warrenville Road.

John R. Homsher and Thomas Callahan of Podolsky Northstar Realty Partners represented Matson Navigation, while Chris Surico of Grubb & Ellis represented Terrace Oaks Associates, LLC.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.