Bridge Continues Development with $15M Office

LINCOLNSHIRE, IL-Bridge Development Partners LLC will build a $15 million, 162,000-sf office speculative building at 555 Aptakisic Rd. The four-story office building development, to be known as 555 Corporate Center, will be built in partnership with Globe Corp. Bridge closed in July on the three separate parcels which constitute the 13.3-acre property, acquiring the land from Sunrise Tree Care, Wirkus Nurseries and John Lietzau for about $6.6 million in total.

“We had always envisioned something there,” Pricco says. “We were looking up there for office land. Of all the office markets in the Chicagoland area, that market is doing the best, and it’s the only market that I would build office in today.” Pricco says the building will be the only available Class A, LEED-certified office building in Lake County. “We feel the LEED certification has such an advantage,” Pricco says. “It’s just the right thing to do, as well as the fact that more and more of corporate American and the Fortune 500 companies located in that submarket are being pushed by corporate mandate to seek out that type of space if it’s available.”

Construction on the property is scheduled to begin next month, with delivery expected in late 2009. “We feel like there are people sitting on the sidelines because they are concerned about the general economy and we feel like there’s some pent-up demand,” Pricco says. “Over the next 12 to 18 months, there is going to be a need in the market, and in fourth quarter of 2009, demand will be higher. We feel our timing and positioning will be good.”