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DOWNERS GROVE, IL-The Alter Group and MidAmerica Bank have signed the largest suburban office lease of 2003, a 10-year deal that gives the bank most of the 217,500-sf Corridors III at 2650 Warrenville Rd. While Grubb & Ellis recently pegged vacancy in the East-West Corridor at 22.4%, The Alter Group’s Corridors I and II are 90% occupied, Corridors III is 87% leased with a letter of intent for another floor, with plans for two more buildings north of I-88 on the drawing board.

Financial terms were not disclosed, but asking net lease rates at Corridors III are $16.75 per sf, which would put the value of the MidAmerica Bank deal in the neighborhood of $20 million.

The 115-acre Corridors office development is at the junction of I-88 and I-355. Corridors I and II, at 2651 and 2655 Warrenville Rd., total 300,000 sf. Corridors IV and V is anticipated to be 550,000 sf.

“This is an important transaction for several reasons,” says president Michael J. Alter. “For one, it demonstrates metropolitan Chicago’s inherent strength as a prime location for growing local and national corporations. MidAmerica’s significant lease at Corridors III also reinforces this business park’s status as a prestigious office location in DuPage County’s dynamic East-West Corridor.”

MidAmerica Bank’s lease includes prominent signage facing both I-88 and I-355. The company’s space needs have increased partly as a result of its acquisition of Milwaukee-based St. Francis Capital Corp., parent company of St. Francis Bank. MidAmerica Bank, which now has its headquarters at 55th And Holmes Avenue in nearby Clarendon Hills, will take occupancy in March.

Blue Cross/Blue Shield signed a 120,000-sf deal at 1020 W. 31st St. in Downers Grove during the first quarter, according to U.S. Equities Realty. That eclipsed another bank’s 108,000-sf lease–Cole Taylor Bank’s deal at 9550 W. Higgins Rd. in Rosemont.

The Alter Group VP Anita Quadrini handled negotiations for the development company, which is building 6.7 million sf this year worth $758 million across the US. Brian Butler, president of The Butler Group, represented Mid America Bank.

Amenities at The Corridors include green architecture, fiberoptics and back-up power.

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