CHICAGO-US Cellular has renewed and expanded its lease at Citicorp Plaza to 212,000 square feet. The wireless phone company leases about one-third of the three-building complex here in the O’Hare submarket, at 8410, 8420 and 8430 W. Bryn Mawr Ave.
The renewal extends the company’s lease until Oct. 31, 2017. "US Cellular's renewal helps stabilize over 33% of Citicorp Plaza, and further mitigates our lease rollover exposure over the next couple of years,” said William R. Flatt, COO of building owner and manager Parkway Properties in a statement. “This renewal, combined with the 104,000-square-foot, five-year renewal signed with the Travelers Indemnity Co. announced on July 15, represents 316,000 square feet of advance renewals signed this month, or more than 15% of our existing 2011 expirations. Our portfolio today remains at 86% occupied and 87% leased."
J.F. McKinney’s Dru Shoemaker, Matt Pistorio and Brian Whiting represented the building’s ownership, a joint venture between Jackson, MS-based Parkway and the Ohio Public Employees Retirement System. Bob Reaumond and James Whalen with CB Richard Ellis represented the tenant in the transaction.
The partnership owners bought the property from New York City-based Apollo Real Estate Advisors in February 2008 for $100 million. The partnership did not announce a lease rate for this deal. Average lease rates for the O’Hare submarket are at about $27.93 per square foot, according to a second quarter Grubb & Ellis report.
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