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LISLE, IL-McCain Foods has extended its lease by another six years for its 95,000-square-foot US headquarters. The food processor of potato products has occupied the building, at 2275 Cabot Dr. in the Corporate Lakes Business Park, since it was purchased by Duke Realty Corp. in 2004. The company’s total lease term is now 12 years, continuing through 2021.

“They picked it for their US headquarters because they love the building. The location works extremely well for them, it had very good visibility and overall is a nice property,” Steve Schnur, SVP with Duke, tells GlobeSt.com. “We have a good relationship with those guys and they want to stay there long term. We certainly had to agree to a very market deal, but for both parties, it was a very good transaction.”

The property was built in 1995 as the headquarters for Wallace Computers, an affiliate of RR Donnelly, who sold the property to Duke five years ago for $11 million, sources say. The property was vacant when Duke purchased it, but the company had already lined McCain up as a tenant before closing on it.

Schnur says asking lease rates there are around $15 per square foot net. The Corporate Lakes Business Park is located in the East-West corridor, where class A occupancy rates are around 85%, Schnur says. “Every office market seems to be struggling a little bit, but if you look at it, the East-West corridor is probably the second to strongest submarket, behind the north market,” he says.

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