After accessing a variety of options in the area, Associated Agencies found its best deal was to stay put. With the lease extension, the company received tenant improvement funds to renovate the space as well as expansion and signage rights.
Associated Agencies' previous lease had an early lease-termination provision which paved the way for the new deal.
Lease rates were not disclosed. According the Grubb & Ellis Q2 figures, the average asking lease rate in the O'Hare submarket is $26.16. Vacancy here, in the 14.3-million-square-foot submarket, is among some of the highest in the Chicago land area, with direct vacancy at 23.1% and total vacancy hovering at 25%.
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