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SCHAUMBURG, IL-Corus America has renewed a 10-year lease for its 20,000 square feet at 475 N. Martingale. The steel producer is a division of Tata Steel Group and has been located for two decades in the 712,000-square-foot Woodfield Corporate Center. Built in 1986, the two-building complex was acquired in late 2007 by a joint venture of an affiliate of the General Electric Pension Trust and Lincoln Property Company for around $96 million, sources say.

“We are excited to have such a prestigious tenant make a long-term commitment to the project,” Fritz Schaupp, SVP of Lincoln, says. “While it’s always been very competitive in the Schaumburg market, we credit our current activity level and this specific news to ownership’s recent investment into significant upgrades and improvements.”

The building owner was represented by Schaupp along with Mark Smith and Dan Graham of CB Richard Ellis in the deal, while Corus was represented by Eric Kunkel and Scott Ohlander of Jones Lang LaSalle. Asking lease rates at the Woodfield Corporate Center are around $20 per square foot. “We determined that the space, location, access and amenity package was the best in the market for our needs,” Terry Schaefer, VP of Finance & Services with Corus International, says.

The property is near Interstate 290 and a half-mile south of Woodfield Mall, and offers tenants amenities including a fitness center, conference center, deli and covered parking. The Woodfield Corporate Center is located in the northwest corridor, where the overall occupancy rate is around 73%, according to Cushman & Wakefield’s Q1 office market report. Average asking lease rates in the submarket are around $24 per square foot gross, according to the research.

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