Navigation Technologies Corp. will sublease the Merchandise Mart space beginning in May. The company, which will vacate offices at 10400 W. Higgins in northwest suburban Rosemont, is subleasing space through September 2007 that once housed Monsanto's nutrition and consumer businesses. Navigation Technologies is a unit of Phillips Electric.
Both subleases were negotiated by Transwestern Commercial Services, which has been working with Pharmacia Corp. since October on planning for the possible disposition of one million sf of property owned and leased by the firm created by the merger.
"The Merchandise Mart space is almost a turnkey opportunity since the office is fully furnished and equipped, a feature that saved Navigation Technologies money in their relocation effort," says Transwestern senior vice president Paul Kopecki. "The large floor plans in the Mart, of course, were another draw to Navigation Technologies, since it will enable all staff members to be housed on one floor."
Meanwhile, Kraft Foods re-enters a six-story building in Old Orchard Woods, 9855 Wood Dr., beginning in February under a sublease that runs through June 2008.
Transwestern also is studying several other buildings, including twin office towers on Old Orchard Road in Skokie that once housed the former headquarters of Searle. The seven-story buildings contain 365,000 sf. There also is 250,000 sf of space in a building on Searle Parkway, which like the twin office towers on Oak Orchard Road, is owned by Pharmacia.
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