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Depomed Leases 31,209 SF at Landmark of Lake Forest

California Pharmaceutical Company Signs 66-Month Lease to Commence by August 1
March 6, 2018
Depomed (NASDAQ: DEPO) has signed a lease for 31,209 square feet in Lake Forest, Illinois, where the company will relocate its corporate headquarters.

The American specialty pharmaceutical company out of Newark, California, agreed to a 66-month lease at Landmark of Lake Forest I, a 162,816-square-foot, four-story office building located at 100 S. Saunders Rd.

Per the lease agreement, Depomed will take occupancy no later than August 1, 2018, and will have one five-year renewal option. The company will also have the option to use approximately 6,700 square feet in the building until tenant improvements have been completed on its future space.

Depomed will pay $18 per square foot triple net with annual escalations of $0.50 and the first six months of rent abated. The landlord, Newsweb Corp., has also allowed for $28 per square foot in tenant improvements.

Landmark of Lake Forest I was completed in 1999 at the southeast corner of the Tri-State Tollway and Route 60 in suburban Chicago's Central North submarket.

The property, which is also located 10 minutes from the Lake Forest Metra Station, is home to Packaging Corp. of America, Hoogwegt U.S. and Regus, among others, and includes an on-site deli and fitness center.
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