"It's a tremendous site that those in the development business have looked at and targeted for years," Daniel Fogarty Jr., VP with McShane, tells GlobeSt.com. "It's about exposure and getting to the interchange on the highway within a few minutes. It's a high-end park, located on a major artery."

The 30-foot clear building will house an office headquarters for the machine tool company, which was previously based out of Rolling Meadows, IL. Mori Seiki will have 60,000 sf of office, out of which it will operate its American headquarters, the Chicago Technical Center, Machining Technology Laboratory and Mori Seiki University. The build-to-suit facility will also offer Mori Seiki space for a 20,000-sf showroom and 20,000-sf warehouse, and allow the company to realize a planned expansion of its American operations.

The building will be owned by McShane and leased fully to Mori Seiki for a 20-year term. Fogarty said the lease rate will be more than $5, net, but declined to disclose a specific amount. Average asking lease rates for flex space in the northwest suburban submarket are about $9 per foot, according to a second quarter Grubb & Ellis market report.

"There's a lack of these kind of sites, and nothing available along the highway because it's all been built out," Fogarty says. "If you drive this park, it's unparalleled, with lakes and walking paths. It's next to a forest preserve and gorgeous, and yet you get the exposure of I-90."

McShane purchased the 70-acre business park property from AT&T in June for about $23.2 million. Mori Seiki's site represents about 10% of the total business park. McShane plans to develop the rest of the park with similar build-to-suit facilities, ideally ranging in size from 50,000 to 200,000 sf. Fogarty says Mori Seiki's headquarters will be developed on land in the forefront of the business park.

McShane is in talks with other companies interested in space in the business park, and Fogarty says this deal will be a catalyst for others to follow. Construction on this new building is expected to be complete in summer 2009.