Capital One Financial Corp. Closes on 150,000-Sq.-Ft. Lease
- Jul 11, 2012
By Gabriel Circiog, Associate Editor
In the second-largest office lease of 2012 for Chicago’s suburbs, Capital One Financial Corp. has closed on a lease of 150,000 square feet in the Atrium Corporate Center, Chicagorealestatedaily.com reports. This deal brings the office building’s occupancy rate close to 100 percent.
Located at 3800 Golf Rd. in Rolling Meadows on 40 acres next to Woodfield Mall, the 477,000-square-foot office building is owned by San Francisco-based Spear Street Capital. The real estate investment firm acquired the three-story building for $36.4 million in 2003 and, according to property records, sold it to a joint venture between Parsippany, N.J.-based Prudential Real Estate Investors and Dallas-based Lincoln Property Co. for $62.1 million in 2006. Four years later, Spear Street Capital repurchased the property for $29.5 million.
Capital One entered the Chicago office market in May, when the McLean, Va.-based company purchased the U.S. credit card business, HSBC Holdings PLC, in a deal worth $31.1 billion. Around 450 employees from HSBC’s facility in Elmhurst will relocate to the Atrium Corporate Center in the first quarter of 2013.
A spokeswoman for Capital One said the company is in the process of integrating the two new acquisitions completed this year—ING Direct and HSBC’s U.S. card portfolio—and are evaluating growth projections for the site.
ActiveHealth Management Inc.—a subsidiary of Hartford, Conn.-based Aetna Inc.—will move to the third floor of the Atrium Corporate Center and keep around 17,000 square feet as part of the deal, this according to Scott Ohlander—a vice president at Jones Lang LaSalle Inc.—who represented ActiveHealth.
Photo Courtesy of: www.spearstreetcapital.com
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