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LAKE BLUFF, IL-Chelsea & Scott has renewed a lease for 110,000 sf at 55-75 Albrecht Dr. in this north suburb of Chicago, and expanded the deal with Ohio Teachers Pension Fund by taking another 85,000 sf in the Lake Bluff Business Center. Epic/Savage Realty Partners/TCN Worldwide pegs the value of the deal at more than $3 million.

Partner Joel Friedland, SIOR, represented the direct mail marketer of childrens’ products while Dan Tobin and Greg Wernisch of CB Richard Ellis represented the pension fund.

“The lease renewal not only provides the firm with a cost-effective solution, but also long-term flexibility,” Friedland says in a statement. More room is needed to handle the firm’s growth, which includes One Step Ahead and Leaps and Bounds catalog operations.

Tax records indicate the pension fund bought the 19-acre property for just under $1.7 million in 1995, subsequently refinancing it for $8.4 million.

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