X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WESTCHESTER, IL-Corn Products International Inc. is expanding its headquarters at 5 Westbrook Corporate Center to 93,701 sf, an increase of more than 10%. Corn Products, which is a corn refiner that produces dextrose and starch products, had a “renegotiation, expansion and extension” of the lease, says Joe Learner, executive vice president at Studley Inc. The length of the term is 10 years. Corn Products was represented by Learner for the lease transaction.

“They did the extension and renegotiation because there was an opportunity to take advantage of their status as the largest tenant in the building,” Learner says. Corn Products was able to receive “rent reduction and concessions,” Learner said, declining to give specifics. The firm now leases five floors of the 10-story building.

Corn Products relocated their headquarters from “an outdated building adjacent to their manufacturing facility” in Bedford Park to the class A Westchester office building in 2002. “This allowed them, as a publicly traded company, to have a more appropriate workplace for recruitment and retention as well as giving them greater visibility in the business community in the Chicagoland area,” Learner says.

The tower, which was constructed in 1990, is part of the five-tower Westbrook Corporate Center, with tenants including Oracle Corp., Insurance Auto Auctions and Andrew Corp. The average lease rate for the building is in the “high 20′s,” Learner tells GlobeSt.com. The building is currently fully occupied, but current tenant SAP will soon be moving to the Highland Landmark III in Downers Grove, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.