ITASCA, IL-Small tenants have dominated office leasing activity in the suburban submarkets, but two deals at Hines Interests LP’s One Pierce Place here defies that trend. First Midwest Bancorp, Inc. plans to move its corporate headquarters into 50,000 sf in early 2005 while US Cellular Corp. will open a sales and marketing office in 42,100 sf later this year.

Neither deal does anything to whittle away at a northwest suburban vacancy rate recently pegged at 28.6% by US Equities Realty. First Midwest Bank will move from 300 Park Blvd., also in the Chancellory office complex. And Chicago-based US Cellular already was a sublease tenant at One Pierce Place.

However, the 525,000-sf One Pierce Place along Thorndale Avenue at Route 53 is 86% occupied, according to Houston-based Hines Interest. Although terms were not disclosed, published gross lease rates start at $23 per sf.

Project manager Creighton B. Wright and vice president Tom D’Arcy handled negotiations for Hines Interests. Claire Paulson-Morabito and Craig Cassell of Grubb & Ellis represented First Midwest, Illinois’ largest independent banking company. Renee Betzelos and Chris Bargowski of ProTen Realty Group represented US Cellular.

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