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.
The building will have executive parking on the basement-level with about 70 spaces, Dunneback says. The office building was designed by Opus Architects & Engineers. Opus North is also constructing a four-story parking garage on the 1.64-acre site with parking for 428 vehicles. The 141,600-sf garage will be owned by the city of Wheaton and has an estimated value of $6 million, Graham says. The project is expected to be completed by September 2008.
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