Built in 1999, Washington Pointe is 100% occupied with three ofthe four tenants occupying the building since 2000. The tenantsinclude Millward Brown and Concentra Preferred Systems, whichcollectively lease 93% of the building; Smith Barney, which leases5.8%; and a first-floor café, which occupies the remainingspace.
The property is located along the East-West tollway, where thedirect vacancy rate hovers around 16% according to CB RichardEllis' second quarter market report. For class A space, vacancy isposted at 14.8%, with asking rates between $16 per sf and $18 persf.
"The East-West market is experiencing tremendous year-to-dateleasing activity and should continue to outperform other Midwestoffice markets," says Don Pescara, managing director of GriffinCapital's Chicago office.
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