The lease rate is $12.75 per sf net with a 3% escalation each year, Mitidiero tells GlobeSt.com. Joel Friedland, Ron Goldsmith and John Schwarze, all with Epic/Savage Realty Partners, represented Cook Financial. Comcast was represented by Dave Berry with Staubach Co.
The facility will be used by Comcast for its western suburban technical operations and for training, Mitidiero says. Comcast is consolidating locations in Elmhurst and possibly other western suburban locations, he adds.
"They wanted a larger central location for the technical operations to service the entire western suburbs," Mitidiero says. The facility is also near Interstate 290, Interstate 294 and Interstate 90. "This location is unique in that it has excellent access to all of the major highways," he says. The property has parking for more than 500 vehicles which was also one of the reasons Comcast chose the site.
The facility is located on 9.3 acres. Work has already begun on demolishing 25,000 sf of the 113,000-sf building, he says. A low-ceiling warehouse is being demolished and a 20,000-sf high cubed warehouse will be constructed. Approximately 80,000 sf of office space will also be remodeled. The estimated cost for the renovations is $7 million, Mitidiero says. Comcast is expected to take occupancy of the building on Nov. 1.Cook, based in Niles, purchased the building from the Keebler Co. in 2004 for more than $5.6 million, he says. The building had been occupied by the Keebler Co. which relocated to Battle Creek, MI in 2004 after being acquired by Kellogg's. The building has been vacant since Keebler left, Mitidiero says.
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