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CHICAGO-Oil and gas company BP has leased 225,000 sf at Chicago Mercantile Exchange Center. The company signed a 10-year lease for space on the seventh through 10th floors of the building, which will house 1,000 employees of BP’s US supply, trading and fuels marketing team. The company will move into the West Loop building in the second half of 2010.

The building is at 10 and 30 South Wacker Drive. Building owner Tishman Speyer was represented in-house by Vicki Noonan and Eric Myers. BP was represented by international director Elaine Melonides and EVP Matt Carolan, of Jones Lang LaSalle.

“The West Loop is the largest submarket here in Chicago,” Carolan says. “It’s the most sought after location because of its access to public transportation.” Additionally appealing to the tenant was the CME Center’s close proximity to the subway and the Metra, which offers accessibility to the western suburbs.

Carolan would not disclose the lease rate on the deal. The average asking lease rate for class A buildings in the West Loop submarket is around $39 per sf, according to a market report by Grubb & Ellis. The submarket has an average occupancy rate of 88%.

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