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SOUTHFIELD, MI-CitiMortgage, a wholly owned subsidiary of Citigroup, has signed a 113,000-sf lease for a new regional office at 100 Galleria Officentre in Southfield. The transaction was negotiated by Jones Lang LaSalle. The 10-year lease extends through 2014 and has multiple renewal options. CitiMortgage plans to relocate to the property in November from its current location at 27555 Farmington Rd., Farmington Hills, MI.

The Galleria Officentre is a complex of four full-service office buildings located on 75-acre site on Northwestern Highway. The Galleria contains one million sf of floor area.

CitiMortgage’s real estate team was led in the real estate selection process by James Means. Michael Stafford and Malik Cavallo, both of Jones Lang LaSalle, represented CitiMortgage in the site selection process and lease negotiations. Larry Nemer, president of Nemer Property Group Inc., represented the landlord, Galleria Equities LLC.

Jones Lang LaSalle conducted a two-year evaluation of all available existing alternatives and development sites before the decision was made to sign the lease at 100 Galleria Officentre. “Following a careful consideration of over 25 potential locations in both existing buildings and new office developments, Galleria Officentre was determined to be the optimal choice for CitiMortgage,” said Mike Stafford.

Plans call for the facilities to be renovated to enable the work areas to be made more productive, Stafford said. Lease price for the space was not revealed. According to a fourth-quarter market report by Paragon Corporate Realty Services, the average lease price in Southfield is $24.66 psf.

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