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La-Z-Boy Lease Fills ML Realty Spec Building

BOLINGBROOK, IL-ML Realty Partners LLC is now designing a third speculative building of 337,630 sf for Highland Corporate Center.

By Gina Kenny | Updated on August 31, 2007

(Read more on the industrial market.)

BOLINGBROOK, IL-La-Z-Boy Inc., based in Monroe, MI, has signed a lease for the remaining 164,354 sf of the 328,709-sf building at 800 S. Weber Rd. The term of the lease is 10 years.

La-Z-Boy is consolidating locations in Indiana and St. Louis, says Michael Dolan, regional vice president of building owner ML Realty Partners. “It is a reconfiguration of their distribution center and consolidation of a number of smaller distribution centers,” he says. The furniture company chose the location, in part, because of the access to I-55 from Webb Road and because the building has 25 individual docks and 20 dedicated positions for trailer storage. LG Electronics, based in Seoul, Korea, signed a five-year lease for 164,355 sf for its mobile communications unit to occupy the northern half of the building, as previously reported by GlobeSt.com. The asking lease rate for the building had been $3.60 per sf net, Dolan confirmed.

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