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Wheaton Property Develops $30M Office, Garage

WHEATON, IL-First Trust Portfolios will lease 75,000 sf in the 150,000-sf, five-story office building being constructed by Opus North.

By Gina Kenny | Updated on August 16, 2007

WHEATON, IL-Wheaton Property Partners, based in Lisle, IL, is developing a 150,000-sf office building at the intersection of Liberty Drive and Cross Street. The project will have a five-story building with the first floor having approximately 15,000 sf of retail space, says John Dunneback, senior project manager with Rosemont, IL-based Opus North Corp. Opus North is constructing the building. The estimated cost of the project, including land acquisition, is about $24 million, says Russ Graham, a managing member of Wheaton Property Partners.

First Trust Portfolios will lease 75,000 sf on the third, fourth and fifth floors of the office building, Dunneback says. All three of the managing partners of Wheaton Property Partners live in Wheaton and work for First Trust Portfolios, Graham says. The term of the lease is 11 years. The asking lease rate for the office space will be about $18 per sf net and the asking rate for the retail will be about $25 per sf net, Graham says.

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