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Citicorp Signs 176,848-SF Lease at Park

ELK GROVE VILLAGE, IL-The deal involving Franklin Street Properties Corp.'s entire building at 50 Northwest Point is the largest for existing space in the suburbs so far this year. The financial services giant is consolidating operations.

By Mark Ruda | Updated on May 08, 2006

(To read more on the net lease market, click here.)

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.

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