ELK GROVE VILLAGE, IL-Embanet is moving its US corporateheadquarters from Schaumburg, IL to an 18,600-square-foot officehere at 50 Northwest Point. The company, a provider of onlinelearning services, is subleasing most of the fifth floor fromCitigroup, which leases the six-story building from Franklin StreetProperties Corp.

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Terry Mostrom with Studley says that Citigroup vacated the toptwo floors. Mostrom, who represented the tenant, says his clientgot very attractive terms to move into a mostly-finished space inthe 180,000-square-foot building. “This wasn’t geographically wherethe tenant wanted, but the physical layout is such that they couldjust walk into it.”

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Patrick Donoghue, CFO for the tenant, agreed. “The space isturn-key with a high-end build-out so we have virtually noout-of-pocket costs,” he said in a statement. The company also hasthe right of first refusal to lease out the remainder of the fifthfloor, about 11,500 square feet.

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Embanet’s lease is up at its 11,000 square feet at 1000Woodfield Rd. in Schaumburg. The new lease takes the company to2016. The sublease rate was not disclosed. Asking rates at thebuilding were at $24 per square foot when Citigroup signed a10-year deal in early 2006.

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Mostrom tells GlobeSt.com that there were several great optionsout there, and he’s just not sure that if the bottom has been hit,that there will be any upward movement in leasing. “It’s still farand away a tenant’s market,” he says. “I’ve been a rep in suburbanChicago for 23 years, and I’ve never seen concessions so high.Rental rates are extremely aggressive. It’s hard to imagine, from atenant perspective, that it could get better than this. Given howpoorly the economy seems to be doing, I can’t see it changinganytime soon.”

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