Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAKBROOK TERRACE, IL-American Access Casualty Co., based here, has expanded its office space at Summit Oaks office building to 19,816 sf. The insurance company had previously occupied around 15,358 sf, but has expanded into an additional 4,458 sf of space adjacent to their original location. The company will now occupy space on the top floor of the three-story building at One S. 450 Summit Ave. in Oakbrook Terrace.

Daniel B. O’Neill and James Adler, EVPs with NAI Hiffman’s Office Brokerage Group, represented both the owner, TA Associates Realty, and American Access in the long-term lease expansion. They were not available for comment.

The asking lease rate in the 91,844-sf building is $11 per sf. The occupancy rate in the building is about 85%. The office building, which dates back to the early 1980s, is in the Interstate 88 East submarket. This market has an average occupancy rate around 81%, with asking lease rates ranging from around $21 to $26 per sf, according to a Grubb & Ellis second quarter market report.

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?


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.