Oak Brook, IL-based Harp completed its development earlier this year of the 12-story, 556-room Intercontinental Chicago O'Hare Hotel. The Rosemont Corporate Center's three-acre site, bounded by Balmoral Avenue, River Road and Interstate 294, is directly west of the new hotel.
"Harp always had its eye on doing something at this site, and the village was happy with what Harp did at the Intercontinental," Tim Hennelly, Ryan's VP of development, tells GlobeSt.com. "But Harp is more a hotel developer, and Ryan came in to offer our expertise as office developers. We got involved and helped Harp finish the deal."
The four-story development will meet the criteria for LEED certification, Hennelly says, expected to make the building the first LEED Silver Certified building in Rosemont. The building will offer green features including an Under Floor Air Distribution system, energy-efficient mechanical and electrical systems, and water conservation plumbing features. "It's been a big strategic push for Ryan to get into LEED-certified developments," Hennelly says.
Cisco currently occupies about 40,000 square feet in the nearby O'Hare Plaza on Higgins Road, Hennelly says. The new lease will commence following the building's completion in the first half of 2010. "Cisco likes the amenities and being next door to the Intercontinental," Hennelly says. "They always wanted to stay in the O'Hare submarket, and that's how they came to this property."
Harp will lease another 8,500 square feet in the building. The remaining 30,000 square feet will be marketed by Dan Hession, SVP with Harp. Hennelly says they have already seen interest in the remaining space, for which asking lease rates are around $20 per square foot, net. The building was designed by Wright Heerema Architects.
Rosemont Corporate Center will be Ryan's first office development in the Chicago area. "Ryan is known nationally as an office developer, but we are not known as that here in Chicago," Hennelly says. "It's been one of our goals to change that. This seemed like the perfect way to get our first project off the ground."
Hennelly says the development also seemed a good move for Ryan given its location in the historically-sound O'Hare submarket. "It's soft all around the Chicago markets," Hennelly says. "Vacancies have gone up here too, but O'Hare has always been one of the strongest submarkets and will continue to be."
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