The lease is until 2011. Curt Stanton, with Paine/Wetzel•OncorInternational represented Emerson. The building is owned by McShaneCorp., based in Rosemont.
McShane constructed the facility as a build-to-suit project forReltec approximately 10 years ago, Stanton says. Reltec wasacquired by Marconi Communications, which was later acquired byEmerson Network Power, he says.
The initial lease agreement has a lease rate "above market" andthe 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 leaserate for single-story office buildings in the area is about $14 persf to $15 per sf net, Stanton says.
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