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Ryan Gets Ready for Development Next to Metrowest

NAPERVILLE, IL-Ryan Cos. US Inc. pays CBRE Investors $2.7 million for eight acres next to the 205,000-sf Metrowest office building along the East-West Tollway. Boston-based Windsor Realty Fund IV owns that building, having paid $33 million last month.

By Mark Ruda | Updated on February 17, 2006

NAPERVILLE, IL-Preparing for a recovery in the western end of the East-West Corridor, Ryan Cos. US Inc. has paid CBRE Investors $2.7 million for eight acres next to the Windsor Realty Fund IV’s 205,000-sf Metrowest office building along the East-West Tollway. The Boston-based fund entered the Chicago market last month , paying CBRE Investors $33 million for the 10-story, fully-occupied building at 55 Shuman Dr.

“This land parcel, in a highly visible and accessible location along I-88, represents great long-term potential in the marketplace,” says Ryan Cos. US president Jeff Smith. “At the appropriate time, Ryan Companies will be part of that market.”

Despite 100% occupancy next door at 5 Shuman Dr., now is not the appropriate time for development, according to various market reports. Among them, US Equities Realty recently pegged East-West Corridor vacancy, including sublease space, at 24.3%.

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