Duke plans to start construction in the spring on West Lake on a wooded, nine-acre land parcel. The site is in the eastern portion of Conway Park and shielded from Interstate 94 and Route 60. The new building will overlook a lake covering approximately three acres, Schnur says.
The facility, designed by locally based Wright Architects, will feature a two-story lobby, 33,000-sf floorplates and an architectural precast exterior with floor-to-ceiling glass. Duke expects the building to be completed in the spring of 2008. The average lease rate will be $19 per sf net, Schnur tells GlobeSt.com. He wouldn't comment on the recent lease, but it's likely more than $6.5 million over the 10-year period.
Akorn will be relocating its corporate headquarters from Buffalo Grove. The business needs additional space because of growth. "I think this is probably 10% to 15% growth over what they have now," he says.
Duke has already started construction for Cadence at Conway, a 137,341-sf building nearby, expected to be completed by October, Schnur says. Hospira, which is already a tenant at Conway Park, will be leasing the entire building.
Conway Park's tenant roster includes Trustmark, Pactiv, Brunswick, TAP Pharmaceutical Products Inc. and Tenneco Automotive. Besides West Lake at Conway and Cadence at Conway, Duke also owns One Conway Park, a 105,000-sf class A building at 100 Field Dr. in Conway Park, Schnur says.
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