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CHICAGO-Oracle Corp., based in Redwood Shores, CA, has signed a lease for 16,598 sf on the 16th floor of 330 N. Wabash Ave. The space will be used for its Oracle University training facility, which will be relocating from 203 N. LaSalle St. The lease is from Jan. 1, 2008 through Feb. 28, 2017, says Steve Steinmeyer, executive vice president of Jones Lang LaSalle.

Steinmeyer and Chris Borally, an associate with Jones Lang LaSalle, represented Oracle in the lease transaction. Building owner Prime Group Realty Trust was represented in the transaction by Anita Pallardy, senior vice president with Prime Group.

Oracle University is a training center for Oracle clients to take classes on Oracle products. The lease for the space at 203 N. LaSalle St. was going to expire and Oracle considered 330 N. Wabash Ave. because Stellent Inc., which was acquired by Oracle, already leased space in the building, Steinmeyer says. Oracle was leasing about 27,000 sf at 203 N. LaSalle St. but was not using all of the space, he says. Stellent had recently signed a 10-year lease for half a floor in the building. The lease was negotiated to end the same time as the lease for the space occupied by Stellent, Steinmeyer says. By moving the Oracle University to 330 N. Wabash Ave., it reduced the number of locations that Oracle was occupying in Chicago, Steinmeyer says. Oracle also leases about 51,000 sf at the Sears Tower for its sales, he says.

The 52-story building at 330 N. Wabash Ave. has nearly 1.5 million sf and is currently about 72% leased, he says. The asking lease rate for the building is between $20 per sf and $26 per sf net depending on location in the building, Steinmeyer says. One of the major tenants of the building is law firm Jenner & Block, which will vacate its space by moving to 383,000-sf at 353 N. Clark St. when the building is completed in 2009.

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