(Crain’s) — A pharmacy benefits manager leased 106,000 square feet in north suburban Bannockburn to absorb employees from its recent acquisition of a Walgreen Co. unit.
Catalyst Rx signed a long-term lease at 1200 Lakeside Drive, according to sources. The lease is one of the largest new office deals in the Chicago suburbs in 2011.
Rockville, Md.-based Catalyst Health Solutions Inc. paid $525 million in June for Walgreen’s Health Initiatives Inc. pharmacy benefits management business. The acquisition boosted subsidiary Catalyst Rx’s membership to 18 million customers in the United States and Puerto Rico, from 7 million before the deal.
Former Walgreens Health Initiatives employees will move to Bannockburn from the Walgreen headquarters in Deerfield. The Bannockburn building, 1200 Lakeside Drive, is a 257,191-square-foot, three-story office structure along the east side of Interstate 94. It is owned by Newton, Mass.-based CommonWealth REIT.
The Lake County north suburban submarket, where Bannockburn is located, had 28.3% vacancy in the third quarter, highest of all the Chicago-area submarkets, according to research from Chicago-based Jones Lang LaSalle Inc. Overall suburban office vacancy was 24.7% at the end of the third quarter, Jones Lang data shows.
Daniel McCarthy, the Jones Lang LaSalle senior vice-president who represented Catalyst Rx, declined to comment.
Brokers for Colliers International, which leases the building, did not return phone calls. Calls to a Catalyst Rx executive and a spokeswoman also were not returned. For the entire article and further information click here
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