SCHAUMBURG, IL - KBS Realty Advisors hired Jones Lang LaSalle as exclusive leasing agent and property manager for its 532,000-square-foot office building complex at 150|200 North Martingale. Details of the transaction were not disclosed.
The two-building property is also known as the Woodfield Corporate Center. Located west of Interstate 290/Illinois 53 and south of Interstate 90, the complex is close to the Chicago metro area and O'Hare International Airport.
Jones Lang LaSalle's Doug Shehan, Norm Murdoch and Rick Benoy will lead the leasing efforts while the property management team will be overseen by Steve Zsigray under the direction of Dan Ryan.
The complex is currently about 93% leased. However, Shehan tells Globe.St.com that the Federal Deposit Insurance Corp.'s lease is scheduled to expire in mid-2013. The FDIC currently rents about 150,000 square feet of space.
Rental velocity in the Schaumburg market has experienced some improvement from the past few years, Shehan says, with positive absorption seen in 2012. “150|200 North Martingale already benefits from its proximity to Woodfield Mall,” Ken Robertson, KBS senior vice president, says in a release, adding that capital improvements to the complex are scheduled for next year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
