(To read more on the net lease market, click here.)
METTAWA, IL-HSBC North America Holdings Inc. will move from Prospect Heights to a 440,000-sf office building at the Route 60 interchange at the Tri-State Tollway. Itasca-based Hamilton Partners is building the headquarters for the former Household International on 28 acres it owns at the northwest corner of the interchange, a deal likely worth about $100 million.
HSBC North America Holdings will sign a 13-year lease when it moves its 2,400 employees to Lake County, which is expected in early 2008. The deal gives HSBC North America Holdings options that could extend the lease for another 30 years. Although lease terms were not disclosed, Hamilton Partners' asking gross rates at its 156,160-sf Woodland Falls building at 26255 N. Riverwoods Blvd. are $19 per sf.
Company officials note 75% of its local work force live in the northwest suburb, which narrowed the focus for available properties to about 50 in northern Cook County as well as Lake County.
In addition to room for as many as 3,000 employees, the building's design will be environmentally friendly with natural lighting and under-floor air conditioning.
Jones Lang LaSalle managing director Elaine Melonides, executive vice president Spyros Kapsalis and associate Dan McCarthy represented HSBC North America, now headquartered at 2700 Sanders Rd. in Prospect Heights, near the Tri-State Tollway interchange at Willow Road. The company-owned property is worth about $60 million, based on most recent tax assessments.
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