The space had been offered at $23 per sf, which would have put the deal above $5 million per year. While Kling is unable by contract to disclose financial terms, he tells GlobeSt.com, "It was less than the asking rate."
Also, the building in this northwest suburb comes fully furnished and includes an auditorium, conference facility, health club, data and call centers, as well as a shuttle bus service to the village's Metra commuter rail station.
Even though the deal involves two members of the GE family, it was an arm's-length transaction. While Kling represented Gelco Corp. while Mark Smith of CB Richard Ellis handled negotiations for GE Medical Systems Technologies, Inc.
Although it discontinued auto finance and leasing operations a year ago, GE Capital continues servicing contracts in the two-story facility on the northwest edge of the village. GE Medical Systems Technologies, Inc. takes 100,000 sf immediately and will phase into the rest of the space this year as the tenant vacates.
GE built the headquarters building in 1997, Kling notes, on a ground lease with Riverside, CA-based Bourns Group.
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