The company, a designer and manufacturer of luxury buses, has leased space in the class A office building since 2002 and a "prior entity" of the firm had leased space in the building since the 1990s. The business had considered moving to a different location, and real estate advisor Studley had identified three locations in the Schaumburg and Rolling Meadows area, says Laurence Morgan, executive vice president of Studley. "It was the most cost-effective solution to remain at Two Century Centre," he says.

Morgan would not disclose the length of the long-term lease or the lease rate. Renewing the lease will reduce Motor Coach's overall occupancy costs by 30%, he says. "Asking rents in that market are $13 to $15 net and these guys are below that," he tells GlobeSt.com. Perks with the renewal included free rent, reduced rent and tenant improvement dollars. The lease renewal for Motor Coach also gave the business the flexibility to expand or reduce the amount of sf leased, or terminate the lease, Morgan says.

Morgan and Studley associate director Jason Volpe represented Motor Coach for the lease renewal. Transwestern senior vice president Joseph Stevens represented the building owner.