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HIGH-TECH CORRIDOR SHAKEOUT; Tellabs dumps I-88 space; sublease glut looming.(Tellabs Inc.)(Brief Article)(Statistical Data Included)
Crain's Chicago Business, July, 2001 by Daniels, Steve
Once a booming corporate center, Illinois' high-tech corridor along Interstate 88 is producing an undesirable commodity-vacant office space. Lisle-based Tellabs Inc. has become the Chicago area's latest high-tech power to dump space on the office market, subleasing all the room it rents-some 300,000 square feet-in the western suburbs.
The company, which saw its stock plummet 24% nearly two weeks ago after warning that second-quarter earnings would be well below analysts' estimates, confirms it will exit seven buildings it's leasing by early next year. There's more trouble ahead for the East-West Corridor. Real estate brokers anticipate that Lucent Technologies Inc., the ailing New Jersey-based telecom equipment company, will sublease much of the 1 million...
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