Steve Kling and Francis Prock, SVPs at Grubb & Ellis, represented Cornerstone Real Estate Advisors, building ownership. Rand Diamond and David Trumpy of GVA Williams represented the tenant.
"ADP will benefit from operational efficiencies that come with having its local operation under one roof, in one location," Diamond says.
Although lease terms were not revealed, suburban class A space now rents for $16 per sf to $25 per sf, according to U.S. Equities Realty's third-quarter report, which would likely make the deal worth $1 million to $1.6 million per year.
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