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Mittal Picks 1 S. Dearborn for North American HQ

CHICAGO-Executives of the largest US steel producer have been spread between East Chicago, IN and Richfield, OH but will take 53,000 sf on the 18th and 19th floors of the newest Central Loop office building in December.

By Mark Ruda | Updated on October 07, 2005

CHICAGO-The largest US steel producer has chosen Hines Interests’ 40-story building at 1 S. Dearborn St. for its North American corporate headquarters. Mittal Steel USA, a division of the largest steel producer in the world, will take 53,000 sf in the 820,000-sf addition to the Central Loop in December with nearly $10 million in state and city money.

More than 200 executives, now working primarily in East Chicago, IN and Richfield, OH, will relocate to the 18th and 19th floors 1 S. Dearborn St., which will be anchored by Sidley Austin Brown & Wood. About 10,000 of the company’s 21,000 US employees work across the state line in northwest Indiana, notes Mittal Steel USA chief executive officer Louis Schorsch, a native of Chicago. “It’s great to be back home,” he says. “We’ve been spending a lot of time on airplanes.”

Although lease terms were not available, published asking net rates at the property, now more than 80% leased, are $24.50 per sf. The state put together a $7.5-million incentive package that includes corporate income tax credits through the next 10 years, a grant for infrastructure improvements and job training money. “I feel confident we’re getting a tremendous return on our investment,” says State Senator Mattie Hunter, whose 3rd District covers Downtown.

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