KBS Signs 150,000-sq.-ft. Lease with FDIC at Woodfield Corporate Center Near Chicago
Agency Finalizes Agreement for 200 N. Martingdale Road in Schaumburg to Handle Receiverships and Asset Sales for Area Banks
Schaumburg, Ill. - January 28, 2010: KBS Realty Advisors of Newport Beach, Calif., one of the nation’s largest real estate investment advisors, has finalized a total-building,150,705-square-foot lease at Woodfield Corporate Center in Schaumburg, Ill., 30 miles northwest of Chicago. The new lease with the Federal Deposit Insurance Corporation (FDIC) is for the entire 200 N. Martingdale Road building that KBS acquired in September 2005.
Mark Smith and Jack Reardon of the Schaumburg office of CB Richard Ellis represented KBS in the transaction, while Keith Lavey and Jim Lockhart of Grubb & Ellis represented FDIC, which is establishing the office to handle receiverships and asset sales for banks throughout the Midwest.
“The FDIC’s lease at Woodfield Corporate Center is the result of considerable work by brokers on both sides of what was a very complex transaction,” explained Mark Brecheen, senior vice president of KBS Realty Advisors. “In the end, we’re delighted that the agency chose Woodfield Corporate Center as its new Chicago location, and look forward to a very valuable relationship for both parties.”
KBS maintains a regional office in Chicago, and owns more than 1.1 million square feet in the Woodfield submarket alone, including two buildings at Woodfield Preserve Office Center, 10 and 20 N. Martingdale Road, acquired in September 2007. The Newport Beach, Calif.-based commercial real estate investor’s Illinois portfolio totals more than 2.3 million square feet, and includes Mid American Plaza in Oakbrook Terrace, Oak Creek Business Park in Lombard and One Energy Center in Naperville, among other properties.
Considered one of Chicago’s most prestigious suburban office developments, Woodfield Corporate Center features Class-A office space and support services in a park-like setting near the I-290 and I-355 interchange, and within walking distance of hotels and restaurants. Onsite amenities include a 395-room Marriott Hotel, state-of-the-art fitness center, deli, florist and conference center.
About KBS Realty Advisors
Founded by Peter Bren and Chuck Schreiber in 1992 as a private equity real estate company, KBS Realty Advisors is a SEC-registered investment advisor. KBS Realty Advisors and its affiliate, KBS Capital Advisors, invests in, manages and sells high-quality U.S. commercial real estate assets for institutional, corporate and private investors. Since 1992, KBS has completed transactional activity of approximately $16.5 billion via 19 separate accounts, six commingled funds and two private equity REITs. For more information, visit www.kbsrealty.com.