X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WESTCHESTER, IL-Insurance Auto Auctions, Inc.’s 37,432-sf lease at Equity Office Properties Trust’s 1.1-million-sf Westbrook Corporate Center is considered another sign of the slow but sure improvement in the East-West Corridor office market. Various estimates this year have pegged total vacancy, including sublease space, at nearly 30% in the largest suburban submarket.

“As new jobs are created, we continue to experience an increase in leasing activity along the East-West Corridor,” says Diane Morefield, recently promoted to senior vice president for Equity Office Property’s Chicago region. Although still among the largest US office REIT’s biggest leasing challenges, vacancy at the five-building complex along Cermak Road east of the Tri-State Tollway improves to 19% with the lease.

While the lease helps the East-West Corridor improve its health, it comes at the expense of the Northwest suburban submarket, as Insurance Auto Auctions leaves its current headquarters in Schaumburg at 850 E. Algonquin Rd. Although terms were not disclosed, Equity Office Property is advertising more than 200,000 sf of space at Westbrook Corporate Center at $25 per sf gross. The REIT offered “an attractive economic package” to lure the company that deals in vehicles declared a total loss after collisions, says Rob Salbego of Equis Co., who represented Insurance Auto Auctions with Derek Tucker. Director of leasing Lyle Patterson handled negotiations for Equity Office Properties.

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.