Leasing rates for the five-year lease were not disclosed, and there was no asking rent for the building. But Phil Heilpern and David Zelinski, of CB Richard Ellis, say a new building down the street rents for about $32 per sf plus electric and they estimate space in the 45 Crossways rents at about $28 per sf.
Nationwide's lease in the 170 Froehlich building was coming to an end at the beginning of the new year and the firm was looking for space that was newer and offered the option to renovate to fit its needs. The space, according to Heilpern and Zelinski, fit the insurance firm well as it was previously occupied by an insurance company with much the same needs.
CBRE's Heilpern, Zelinski, and Marty Lomazow arranged the lease for Nationwide. CLK/Houlihan-Parnes LLC, the building's owner, was represented in house.
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