Tishman Speyer Office Fund’s trophy asset, the Franklin Center has secured GATX Corporation as one of its main tenants.
GATX provides lease financing and related services to customers operating rail, air, marine and other targeted assets and is a global leader in leasing transportation assets controlling one of the largest railcar fleets in the world.
The Franklin Center is located at 222 West Adams Street in Chicago, Illinois.
Under the terms of this new lease, GATX Corporation, will relocate its corporate headquarters to 222 West Adams no later than November 1, 2008 and occupy a significant portion of the premises currently leased to USG Corporation.
The GATX Lease will initially encompass approximately 109,000 sq ft and is structured to permit additional expansion allowing GATX to double in size over the term of the lease.
“This is a major achievement for our leasing team in Chicago and represents a significant first step in our efforts to re-tenant the space to be vacated by USG in July 2007,” Tishman Speyer Australia chief executive Tom Feldstein said.
“We see continued tenant interest in Franklin Center and while we are encouraged by signs that the Chicago leasing market is starting to recover, the market remains challenging and the terms of the GATX Lease were very competitive, reflecting the market terms outlined in TSO’s February Half Year Results Presentation and March Property Data Book. Franklin Center remains one of Chicago’s true trophy properties, uniquely suited for headquarters occupancies.
“We look forward to continued progress in Chicago and across the United States in what continues to be a strengthening US office market,” he added.
By Kathryn O’Meara
