The lease is until 2011. Curt Stanton, with Paine/Wetzel•Oncor International represented Emerson. The building is owned by McShane Corp., based in Rosemont.
McShane constructed the facility as a build-to-suit project for Reltec approximately 10 years ago, Stanton says. Reltec was acquired by Marconi Communications, which was later acquired by Emerson Network Power, he says.
The initial lease agreement has a lease rate "above market" and the new lease agreement included a "significant rental reduction" and a tenant improvement allowance to refurbish the building, Stanton says. The lease rate was not disclosed but the asking lease rate for single-story office buildings in the area is about $14 per sf to $15 per sf net, Stanton says.
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