CHICAGO—American Landmark Properties has just completed a long-term lease with Hyundai Motor America at its Two Trans Am Plaza located at 2 TransAm Plaza Dr. in suburban Oakbrook Terrace. Although the class A property started off the year with a lot of vacant space, much of that has been filled, another good example of what has happened in many suburban office markets during 2015.
Hyundai will occupy the top floor at Two TransAm Plaza and was represented by Jordan Rovito and Don Yahn of Cushman & Wakefield. Ownership was represented by Brian Silverman and Jason Shibata of JBS Commercial Real Estate.
JBS was awarded the exclusive leasing assignment for the 118,000 square foot, 5-story class A office building at the beginning of 2015 when more than 50,000 square feet was vacant. But after the owners finished a major renovation of the main lobby, atrium, and restrooms, JBS was able to secure about 40,000 square feet in new lease transactions.
Leasing among suburban properties in general accelerated in 2015, but especially for class A buildings. The Oak Brook-Oakbrook Terrace submarket, for example, saw nearly 300,000 square feet of absorption by the end of the third quarter, according to Colliers International. The vacancy rate there sank to 20.5%, a drop of 100 bps in just one quarter. Furthermore, the vacancy rate for class A was just 13%, down from 14.2% in the second quarter.
The 2 TransAm site now features on-site management, an on-site deli, key card entry, glass elevator cabs, a 5-story atrium with interior glass, 16 corner offices per floor, under-floor distribution system that carries power, telephone, and data transmission lines with underground mechanical systems for sound reduction. JBS officials say it still has a few spaces left between 2,500 and 6,200 square feet.
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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.
