"The QLS lease was driven by a need to control costs, manage internal efficiencies and remain in the O'Hare submarket," says Ken Franzese, principal with Lee & Associates of Illinois LLC, which represented QLS in the deal. "We evaluated different options, and we were impressed with ProLogis' desire for QLS' business and their ability to respond very quickly, as we needed an immediate occupancy deal. The economics of the deal really transcend the perception of a market deal due to the fact that the space was not divisible and larger than what QLS really needed, but it was cost-effective for ProLogis to make the economics and the timing work."

Franzese declined to disclose a lease rate for the deal. Asking lease rates in the northwest Cook County submarket range between $6 and $8 per square foot net, according to Cushman & Wakefield's year-end industrial market report. Occupancy rates in the area are around 88%.

"This deal was a win-win for both parties," Franzese tells GlobeSt.com. "It's been extremely challenging and this is not a normal slow down. Demand has dropped and is very tough to come by now."

ProLogis bought the building from Rollex Corp. in November 2006 as part of a four-building, $30-million portfolio, sources say. The company paid about $10 million for 1501 Nicholas Blvd., which was built in 1959 and vacant at the time of the acquisition. The single-story warehouse offers 20-foot clear ceilings, 22 exterior docks and two drive-in doors.