AIT Worldwide Logistics has signed a 56,808-square-foot lease at Two Pierce Place, 490,000-square-foot Class A workplace constructing in Itasca, Unwell. Newmark brokered the lease settlement on behalf of the owner, Sovereign Companions LLC, whereas JLL represented the tenant.
The dedication brings the whole quantity of leases signed on the property prior to now yr to greater than 120,000 sq. ft. The transportation administration supplier will relocate its world headquarters to the constructing, becoming a member of a roster that contains NNR, Chicago Workplace Expertise, MedLogix Communications and Accertify, as proven by CommercialEdge.
Chicago’s workplace market didn’t see enchancment within the final quarter of 2022, with sublease stock reaching a report 11 million sq. ft, resulting from firms reducing prices amid financial challenges, based on a market report by Newmark. Though leasing exercise held regular, the vast majority of commitments concerned Class A, amenity-rich workplace buildings. Emptiness within the metro rose to 22.2 p.c, up 40 factors from the earlier quarter, whereas detrimental web absorption endured for 10 straight quarters.
READ ALSO: Flight to High quality Phenomenon Continues to Play Out
An up to date landmark workplace constructing
Initially accomplished in 1991 on a 13-acre web site, the 28-story landmark constructing incorporates a newly accomplished amenity middle incorporating a tenant lounge with hearth, out of doors patio, health middle, deli, seating space, in addition to on-site catering companies and a convention middle. Two Pierce Place options 20,000-square-foot ground plates, a coated parking construction and underground govt storage.
Situated at 2 Pierce Place, throughout the 300-acre Hamilton Lakes Enterprise Park, the workplace constructing provides connectivity to main thoroughfares, together with Interstate 290, Thorndale Avenue, Elgin-O’Hare Expressway and Route 83. Chicago O’Hare Worldwide Airport is a few 13 miles from the property. The tower can be surrounded by an array of hospitality and eating choices, a well being membership and strolling trails.
Senior Managing Administrators Rob Lundin and John Norris of Newmark represented the owner within the lease signing, whereas JLL Government Vice Presidents Eric Kunkel and Steve Spinell, together with Managing Director Darren Eades brokered the deal for the tenant.
