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"South Florida Exec Works Lease In Chicago Area"

September 20, 2006

Daily Business Review, Dealmakers, Sept 2006

"South Florida Exec Works Lease In Chicago Area"

Dealmaker: Ken Morris The Deal: Moneris Solutions signed a 10-year lease valued at more than $7 million last month for a floor in an office building in the Chicago suburb of Schaumburg.

Details: The deal by Moneris, a merchant and transaction-billing services company formed by Royal Bank of Canada and the Bank of Montreal, took 18 months to complete, Morris said.

Landlord SM III 150-200 Martingale Road LLC, which is operated by Koll Bren Schreiber Realty Advisors, paid off Moneris’ existing lease at another building and allowed a $35-per-square-foot credit for office improvements.

The allowance is indicative of the Chicago area’s soft office market, Morris said.

Background: Morris, who formerly worked with a Moneris executive, is president of Morris Southeast Group/Corfac International in Plantation. Morris and Borris Yelyshov, vice president of MB Real Estate Services in Chicago, represented Moneris Solutions. Jack Reardon, first vice president of CB Richard Ellis, represented the landlord.