Citicorp Signs 176,848-SF Lease at Park

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ELK GROVE VILLAGE, IL-Citicorp Credit Services, Inc. has signed the largest suburban office lease for existing space so far this year, taking Franklin Street Properties Corp.’s entire 176,848-sf building at 50 Northwest Point. The financial services giant is consolidating operations in the 125-acre Park at Northwest Point now in the O’Hare area, Deerfield and Hoffman Estates.

The lease begins Jan. 1, according to a short form of the 10-year deal filed with the Cook County Recorder of Deeds office. Citicorp Credit Services has two five-year options beginning in 2017. Although financial terms were not disclosed, asking gross lease rates at the building along the Northwest Tollway have been $24 per sf, which would put the value of the 10-year lease in the neighborhood of $42 million.