The building, which had a 28% vacancy rate earlier this year, was a top priority for the Midwest office REIT's effort to increase occupancy despite a softening rental market. Although terms were not disclosed, Great Lakes was offering the space at rates 15% to 20% below competing buildings in the East-West Corridor, where the high-tech and dot-com fallout has pushed vacancy rates, before considering sublease space, into double digits.
However, Great Lakes continues to pursue two possible suburban Chicago acquisitions, following the $26-million purchase of 1600 W. Golf Rd. in northwest suburban Rolling Meadows.
Formerly known as SCC Communications Corp., Intrado is the largest and fastest-growing provider of 9-1-1 services and telecommunications technology systems in North America.
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