(To read more on the net lease market, click here.)
BOLINGBROOK, IL-Patterson Medical Co. has signed a lease for 41,692 sf at Tallgrass Corporate Center. The company is a distributor of rehabilitation supplies and non-wheelchair assistive patient products to hospitals, healthcare facilities, occupational therapists and physical therapy providers. This is the first lease signed at this location. Patterson will occupy its space on the second floor of the complex.
The 548,000-sf Tallgrass Corporate Center sits on a 50-acre site and contains 374,000 sf of office space, 128,000 sf of manufacturing space and an approximately 46,000 sf of amenities. The first phase of Tallgrass Corporate Center was developed in 1993 by Tellabs in order to accommodate its research, development and manufacturing operations. BPG Properties Ltd. acquired the property from Tellabs in August 2004.
Francis Prock, senior vice president, and Dave Florent, associate, Colliers, Bennett & Kahnweiler Inc., exclusive leasing agent for the building, represented BPG in the transaction. Patterson Medical Co. was represented by Leonard Caldeira and Trevor Ragsdale of Staubach Midwest LLC.
Florent tells GlobeSt.com that Tallgrass is unique in the Bolingbrook market. "It's the largest office building currently in the market," he says. "BPG is now marketing it as a multi-tenant property." He adds that proximity to large warehouse users is an asset. "Many will take space here for various uses, such as back office or call center space," he says.
Despite being plagued with a 92% vacancy, Florent remains optimistic. "This is a good opportunity to get class A office space at a reduced rate," he says. The asking price for office space at Tallgrass is a gross $19 per sf.
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