The two-story Crossings 1 will be Duke's first spec project at Cantera where it recently completed the regional headquarters of Paragon Global Resources. Duke Crossings can accommodate up to 500,000 sf. Steve Schnur, Duke's SVP, tells GlobeSt.com the all-in cost of Crossings 1, including the land, is approximately $8 million.
It is located along Bella Vista Parkway at the intersection of Interstate 88 and Mill Street and is expected to reach completion in May 2007. Duke is offering it for sale or lease. Schnur says the asking rent rate is $16 per sf net. "There is no asking sale price," he adds.
Cantera is a 650-acre, master-panned mixed-use development. It contains the headquarters for BP America Inc., International Truck & Engine Inc., and Exelon Nuclear. The development also includes a 30-screen theater, restaurants, retail, three hotels and other amenities along with two residential complexes.
The three-story Westlake at Conway spec office building in Lake Forest will be offered for lease. Schnur expects it to reach completion in December 2007 and the asking rent rate is $19 per sf net. Duke owns, manages or has under development nearly 11 million sf of office and industrial properties in the Greater Chicago area and controls approximately 400 acres for future development.
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