The lease was brokered by senior directors Catherine Minnerly and JP Plunkett of Cushman & Wakefield. "They had looked all over the place, studied the market and decided they wanted to stay," Minnerly tells GlobeSt.com.
The suburban industrial market had a down year in 2004, posting a negative absorption of more than two million sf, according to a fourth quarter report issued by C&W. The 128 South and 495 South markets, which the park straddles, posted 18.6% and 16.4% vacancy rates, according to the report with average rents in the $6 to $8 per-sf range.
"The market is still very spotty, but it's improving," says Plunkett. "We had a lot of interest in the building, but in a market like this, tenant retention is crucial."
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