HOFFMAN ESTATES, IL-Siemens Corp. has retained CBRE Inc. to sell a Hoffman Estates industrial property leased by a subsidiary of the German engineering and electronics firm.
According to CBRE marketing materials on the Siemens Corporate Facility at 2501 N. Barrington Road, Siemens would lease back the property for a 10-year term. The deal would also include annual rent increases of 2.5% and four, five-year renewal options. The property, which houses approximately 500 Siemens workers, was listed without an asking price, according to Crain's Chicago Business.
“Siemens is selling and leasing properties across the country as a portfolio management strategy,” a spokesman states in an e-mail. “Selling a building and leasing it back makes good business sense in the right setting and is often necessary.”
Siemens has operated at the building since it was built in 1989 and has recently spent more than $7 million in upgrades. See story in Crain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
