It's the largest area industrial lease of the year to date, brokers tracking the market tell GlobeSt.com.
Officials at Office Depot and IDI wouldn't confirm the lease's value but note average asking first-quarter rent in this submarket was $6.51 per sf, according to CB Richard Ellis Inc. research.
IDI plans to break ground next year on two more spec projects in the same park--a 250,000-sf building and a 110,000-sf structure. Office Depot is Hamilton Mill's first tenant and will use the space for a distribution center when it moves in during March 2002.
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