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Jewel Signs New HQ Lease for Nearly 98,000 SF

ITASCA, IL-Jewel Food Stores Inc. will be relocating its headquarters from its campus in Melrose Park in a deal valued at more than $26 million.

By Gina Kenny | Updated on January 31, 2008

ITASCA, IL-Jewel Food Stores Inc., now based in Melrose Park, has signed a lease to move its headquarters into 97,800 sf at 150 Pierce Rd. The term of the lease is 11 years, says Steve Podolsky, principal with Podolsky Northstar Corfac International. The six-story building is owned by an institutional fund represented by Hamilton Partners, also based here.

The lease is one of the largest suburban lease transactions in the past 12 months in the Chicago area, and is valued in excess of $26 million. Lease incentives included a tenant improvement package and free rent, Podolsky says. Additionally, “the building owners agreed to add a fitness center [and] they will maintain the cafeteria for Jewel and the other tenants,” he says. Podolsky and John Homsher, principal with Podolsky Northstar, represented Jewel. Pat McKillen, partner with Hamilton Partners, represented ownership.

Jewel, which is a wholly owned subsidiary of Minneapolis-based SuperValu Inc., will be moving its headquarters to the new location from 1955 W. North Ave., where it has been located for 53 years, Homsher says. “That was their original headquarters,” he says.Jewel currently occupies a 110,000-sf building that is inefficient and has some extra storage that is not in use, Homsher says.

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