Equity Office Properties Trust senior vice president Arvid Povilaitis tells GlobeSt.com the futures exchange ultimately opted against moving some back-office operations to Vornado Realty Trust's Apparel Center as well as suburban locations, instead signing a five-year renewal through November 2008. Although he declines to reveal the rate, average rent paid at 10 and 30 S. Wacker Dr. is $37.30 per sf, according to the REIT's most recent quarterly report, which would make the deal worth about $83 million a year.
"We're pleased with the rate," Povilaitis offers.
The largest futures exchange in the US already had 401,000 sf in the 2-million-sf complex along the Chicago River, built in 1983 to serve as its headquarters. Equity Office Properties Trust owns 75% of 10 and 30 S. Wacker Dr. while Lend Lease US Office Trust owns 25%.
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