KBS Leases 77K at Woodfield Center

CHICAGO—As recently reported in GlobeSt.com, the Northwest Corridor has the region’s highest class A vacancy rate, and bringing it down presents area landlords with a challenge as some firms continue migrating downtown. Class A availability in the submarket did, however, decrease from 30.2% in the third quarter to 29.2% by the end of last year and leasing activity rose to 402,006-square-feet in the fourth quarter, according to a recent report by Studley.

And some very prominent corporations have decided to stick with the suburbs. KBS Real Estate Investment Trust, for example, a Newport Beach, CA-based non-traded trust, just secured 77,167-square-feet in new leases at its Woodfield Preserve Office Center, a 610,462-square-foot complex in suburban Schaumburg. The IBM Corp. signed a renewal totaling 63,483-square-feet, while Merrill Lynch, Fenner & Smith signed a new, 13,684-square-foot lease.