Leggett & Platt's requirements are handled by Richard Madison of Newmark & Co.'s New Jersey office. Madison tells GlobeSt.com that there was about one year left on Leggett & Platt's 86,000-sf lease, but it was torn up in favor of the new commitment, which is being used to consolidate a couple of the company's other warehouse locations in Illinois. The building owner was represented in-house by Tom Lasse.
Freeport is located about one hour east of Chicago. Madison would not confirm the lease rate on the deal, but area brokers familiar with the transaction tell GlobeSt.com that given the size of the commitment and the "off the beaten path" location, the lease rate would be in the range of $0.20 per sf per month. While not speaking directly about this deal, Mason would say that much of the activity these days is in recasts, where credit tenants see a reduction in rent in trade for an extended and/or expanded lease commitment.
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