ROSEMONT, IL-Equity Office Properties Trust has increased its market share in the O’Hare office submarket with its $57.7-million purchase of Pointe O’Hare here from developer ORIX Real Estate Capital Inc. Acquisition of the 262,991-sf building at 9550 W. Higgins Rd., along with buying a 50% interest in a joint venture with the seller on a 1.4-acre site next door with a parking garage, gives the largest US office REIT 1.2 million sf in the 11.8-million-sf submarket.

Equity Office Properties already owns the four-building, 818,712-sf Presidents Plaza and 134,283-sf 1700 Higgins Centre. Those properties are 93% leased, generating $21 million a year in rent, according to the REIT’s most recent financial report. Meanwhile, Equity Office Properties buys the five-year-old Pointe O’Hare with an 18% vacancy rate, but says lease deals in the works will cut that by more than half. Meanwhile, vacancy including sublease space in the O’Hare submarket is 23.2%, according to U.S. Equities Realty’s most recent market report.

Asking lease rates at the 11-story building east of the Tri-State Tollway have started at $17.50 per sf.

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