CHICAGO—CompuSystems Inc. has just signed a long-term lease for 31,342-square-feet at Corridors I, a 148,896-square-foot office building located at 2651 Warrenville Road in suburban Downers Grove. Like many suburban office properties, the development struggled with a high vacancy rate for several years. But with the new lease, Corridors I has reached 95% occupancy.
As reported in GlobeSt.com, last year PCCP LLC provided a $27.1 million senior loan to Transwestern and Soundview Real Estate Partners to acquire, re-position and lease-up both Corridors I and the adjacent Corridors II. The occupancy rate for the whole property stood at 50.9%. It had been bank-owned since November of 2011 and over-encumbered by debt after its major tenant left several years before that.
A software service provider for the convention trade show industry, CompuSystems will relocate its headquarters and centralized data center from suburban Broadview to Corridors I by December. The Transwestern leasing team of senior vice presidents Fred Ishler and Joe Stevens, along with vice president Zachary Fox, represented the building's owner, Transwestern Investment Group LLC.
“Tenants like CompuSystems are choosing Corridors I and II in order to gain best-in-market highway access, great amenities and infrastructure for their sophisticated technology needs,” says Ishler. “Those factors, plus the large floorplates and high parking ratio to support highly efficient space configurations, have allowed us to attract a significant amount of leasing activity since Transwestern acquired the complex.”
The twin five-story steel frame buildings sit near the junction of I-88 and I-355 in the East-West Corridor. The buildings feature 31,000-square-foot floorplates, a five per 1,000-square-foot parking ratio and on-site amenities including an exercise facility, conference center, landscaped outdoor plaza and food service. In addition, both buildings offer redundant fiber optics and over standard electrical capacity.
Todd Schaefer and Fred Schuler of JLL represented CompuSystems in the transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
