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SCHAUMBURG, IL-Acresso Software will sublease 51,758 square feet at One Woodfield Lake, 1000 Woodfield Rd., from Freddie Mac through the end of its lease in about eight years. The company will move into the four-story, 205,000-square-feet building from a neighboring property, at 900 National Pkwy., where it occupied 46,000 square feet. The subleased space will house the company’s headquarters and 160 of its employees.

The space fit Acresso’s needs in part due to a $5.1 million build-out Freddie Mac undertook last year for its IT and software development group, the firm’s broker says. Freddie Mac’s additions included new Herman Miller furniture, CAT 6 voice and data wiring, and a state-of-the-art data center. The building also appealed to the company because of its on-site restaurant.

“The space was pretty much turn-key with open cube space for Acresso’s software engineers,” says Alex Smith, of Cushman & Wakefield, who along with Jordan Rovito, represented the tenant. “Acresso only needed to build-out an executive area with a few offices and a large training room for all employee meetings. The existing conditions allowed Acresso to relocate with very minimal out-of-pocket costs. Additionally, since the building was across the street, their existing work force’s commute would stay the same.”

Acresso had occupied its previous building for 11 years, beginning with 14,000 square feet in the building and growing into additional space scattered on three different floors. A goal of its search for new space was to find contiguous space. “Acresso wanted to improve their image, provide a better work environment for its employees and be contiguous on one floor,” Smith says. “(The former building) was a very dated space, and living through a renovation can be very distracting.”

In its subleased space, Acresso will occupy the entire fourth floor. The building is also occupied by Robert Morris College and AIG, the latter of which has 50,000 square feet. The building is currently 83% leased, with about 35,000 square feet remaining vacant on its second floor. While asking rates for direct space in the building run around $21 per square foot gross, Smith says Acresso will only pay $15 per square foot for its subleased space.

The building is in the northwest submarket, where the average occupancy rate is around 75%. Vacancy has increased by 5% this year alone. “The northwest submarket was hit hard by the downfall of the sub-prime lending companies and the housing-related companies,” Smith tells GlobeSt.com. “Argent Mortgage, Countrywide, Citibank and Kimball Hill all put space on the market in 2008. In the first quarter of 2009, we expect the vacancy rates to increase due to companies either downsizing or closing offices.”

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