THURSDAY, JANUARY 28, 2010

KBS Realty and FDIC finalize lease

by Illinois Real Estate Journal Reports
Chicago-> North Cook

KBS Realty Advisors of Newport Beach, Calif. has finalized a total-building,150,705-square-foot lease at Woodfield Corporate Center in Schaumburg, Ill.

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.

KBS maintains a regional office in Chicago, and owns more than 1.1 million square feet in the Woodfield submarket, 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.

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