Leasing Activity
There have been a number of large transactions completed in the last 90 days:
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Panasonic has signed a deal to occupy 5201 Tollview Road in Rolling Meadows. The company will be moving from Elgin to the 121,500 s.f. building.
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Ambitech Engineering has signed a new lease for 91,000 s.f. at Executive Towers West II in Downers Grove.
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Middough Inc. will be moving to Oak Brook Pointe in a deal for 69,000 s.f.
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T-Mobile leased 52,000 s.f. in Downers Grove to occupy the top floors of Esplanade I.
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In a move from the Washington D.C. market, APICS will shift their headquarter operation to 32,000 s.f. of space at Citicorp Plaza on Bryn Mawr Ave.
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KJWW Engineering Consultants has signed a long-term lease for 32,000 s.f. at 1100 Warrenville Road in Naperville.
Several large transactions are in play:
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CDW is beginning their search for up to 400,000 s.f. in the North market.
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Walgreens has committed to 320,000 s.f. of Hewitt sublease space in Lincolnshire. The entire building, at 2 Overlook Point, was put on the sublease market by the human resource outsourcing firm.
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Hallmark is in lease for approximately 150,000 s.f. at Naperville Woods.
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Comcast is currently looking in the Northwest market for 130,000 s.f. with a 2009 requirement.
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Albertson’s is considering the O’Hare and Northwest markets for 120,000 s.f.
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Travelers is looking in the East/West Corridor for 120,000 s.f.
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Littelfuse is exploring multiple markets for a 110,000 s.f. requirement.
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EMC is in lease for 90,000 s.f. at Central Park of Lisle.
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Millward Brown is out in the market for 75,000 s.f.
Building Sales
Building sales of note:
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Woodfield Corporate Center (670,000 s.f., Class A), at 425 & 475 N. Martingale Road in Schaumburg, was sold by JP Morgan Chase to Lincoln Property Co. for $100 million ($149/s.f.).
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111 Pfingsten Road (121,000 s.f., Class A), located in Deerfield, sold to Mariner Financial Ltd for $23 million ($193/s.f.).
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5100 North River Road (141,000 s.f., Class A), located in Schiller Park, was sold by North River Group to RREEF for $24 million ($170/s.f.).
Pending sales include:
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Woodfield Preserve (647,000 s.f., Class A), located at 10 & 20 N. Martingale Road, is under contract to be sold by JP Morgan Chase to KBS Realty Advisors for $150 million ($234/s.f.).
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One Lane Center (81,000 s.f., Class A), located at 1200 Shermer Road in Northbrook, is under contract to be sold by Fulcrum to Intercontinental for $15 million ($185/s.f.).
Properties currently being marketed for sale include:
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Citicorp Plaza (600,000 s.f., Class A), located at 8410 – 8430 W. Bryn Mawr in Chicago.
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O’Hare International Office Center (517,000 s.f., Class A), located at 10255 & 10275 W. Higgins Road.
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One & Two Century Centre (432,678 s.f., Class A), located at 1700 & 1750 E. Golf Road in Schaumburg.
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Old Orchard Towers (350,000 s.f., Class A), located at 5202 & 5250 Old Orchard Road in Skokie.
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1011 & 1111 East Touhy (302,000 s.f., Class B), located in Des Plaines.
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Orchard Point (275,538 s.f., Class A), located at 9700 W. Higgins Road.
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Oakmont Centre (270,000 s.f., Class A), located at 700 Oakmont Lane in Westmont.
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909 Davis Street (195,000 s.f., Class A) located in Evanston.
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One Northbrook Place (175,000 s.f., Class A) located at 5 Revere Drive in Northbrook.
Construction Activity
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The Suburban Chicago market has seven projects, at 1.4 million s.f., under construction in five submarkets. The North Market contains the most activity with three buildings under way at a total of 675,000 s.f.
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During the fourth quarter three buildings were delivered, adding 427,000 s.f. to suburban inventory. The new construction includes:
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CityGate Centre in Naperville, at 213,000 s.f.
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Opus Landmark in Lake Forest, at 160,000 s.f.
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2155 Point Blvd in Elgin, at 54,000 s.f.
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