The study was put on hold when Caremark merged with AdvancePCS in 2003, and later reinitiated. Neither Studley nor Caremark would discuss the transaction. However, on condition of anonymity, a broker familiar with the deal tells GlobeSt.com that among Caremark's alternatives was a build-to-suit along the I-294 corridor.

Caremark, which needed room to grow, currently occupies all 10 floors of Caremark Towers II, which was completed in 1981. The adjacent Caremark Towers I, completed in 1979, has an aggregate of 166,300 sf. New York City-based ING Clarion owns both buildings, and, according to published reports, has added parking and upgraded lobbies in the 361,400-sf complex.

Charmaine Ali, Denise Stewart and Kevin Clifton of ING Clarion and Francis Prock of Chicago-based Colliers Bennett & Kahnweiler, represented the owner in the negotiations. A Studley team represented Caremark. It includes John Goodman, EVP and branch manager; John Conerty, senior managing director; David Lipson, executive managing director; and Laurie Condon and Rich Dale, corporate managing directors.