The cost for the entire development is estimated at $100 million. Rob Graham and Bill Elwood, both with CB Richard Ellis, are the leasing agents for the project.
The four-story building is being constructed on a five-acre site. A 250,000-sf warehouse, which was on the property, has already been demolished. Rosemont Crossings One will have 35,000-sf floor plates, a two-story lobby and a single-level parking garage says Graham, who is FVP of CBRE. The facility is geared towards users of at least 35,000 sf. The asking lease rate is $18.50 per sf net, Graham says. Construction is expected to be completed in August.
Rosemont Crossings One was designed by Wright Heerema Architects, based in Chicago. The facility is the first speculative office building in the village since 2001, he says. There had been large amounts of space to be absorbed, with not a lot of land available for speculative developments, Graham says. The area is landlocked with O'Hare International Airport, a forest preserve, two expressways and "mature residential," Graham says. "There are very limited land sites available." The market has been "gradually improving for the past five years" and now has a direct vacancy rate of 12.6%, he says. "We have seen consistent absorption and rental rate growth," Graham says.
Two additional speculative office buildings are planned for the development. Each of the two buildings is expected to have 161,779 sf, Graham says. "The goal would be to break ground on one this year, and be in the ground on another one next year," he says. "But, it really depends on the leasing of the first building." It is also possible that Duke could construct a build-to-suit facility, he says.
The site, which Duke acquired last year from the Village of Rosemont and Chicagoan-Fred Cooper, is within walking distance of the village's $500-million Rosemont Walk development, a 60-acre retail and hotel development with 1,100 hotel rooms under construction, he says. The site is also near public transportation, Interstates 294, 90 and 190 and has more than 1,000 feet of frontage on I-294, Graham says.
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