(To read more on the net lease market, click here.)
LOMBARD, IL-Propelled by a 52,228-sf lease signed by SunGard Investment Systems LLC, CarrAmerica Realty Corp. has increased occupancy at 333 and 377 E. Butterfield Rd. to 89%. The Washington, DC-based company will move into the 368,000-sf, two-building property this summer.
Vacancy had hit 33% in late 2005, according to the company's managing director for Chicago, Jerry O'Malley. In addition to SunGard Investment Systems, CarrAmerica Realty also landed a 15,180-sf deal with the Council of Supply Chain Management Professionals and a 13,322-sf lease with Cosco Container Lines Americas Inc.
Although terms were not disclosed, asking net-lease rates at the nine-story office complex near the four-way interchange of the East-West Tollway and Highland Avenue start at $13.15 per sf, according to Black's Guide.
Grubb & Ellis Co. represented SunGard Investment Systems, and Ricciardi/Donovan Realty Inc. handled negotiations for the Council of Supply Chain Management Professionals. Staubach Co. represented Cosco Container Lines Americas.
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