Stephen Perna, SVP of locally based Arden Real Estate Services,represented Guardian. Perna says Arden also negotiated the tenant'soriginal 1998 lease in the building. The current owner,Chicago-based Transwestern Properties, handed the exclusive leasingassignment to a team from the local office of Grubb & Ellis.Wayne Fisher, SVP and director, and Craig Scheuerle, SVP, head theG&E team. The Guardian renewal maintains occupancy in thebuilding at approximately 92%.

In late November 2004, Transwestern acquired a majority stake inthe 32-story, 825,547-sf office building along with the 36-storybuilding at 1601 Market St. from Chicago-based Equity OfficeProperties. The 1700 Market St. building was completed in 1969 andfully renovated in the 1990s. Among the other tenants are Deloitte& Touche, AIG, BDO Seidman, Centric Inc. and Independence BlueCross.