"McShane Construction will draw upon its vast experience performing design/build work throughout the Chicago region to deliver an outstanding final product for Alliance Real Estate," says Jeffrey Raday, president of McShane. "The diverse property type will suit a wide range of popular tenant uses."
Designed by KLLM Architects Inc., the property offers a brick stone exterior, and proximity to interstates 57, 80 and 94 as well as numerous local hospitals, including St. James Hospital, Ingalls Memorial Hospital and Advocate South Suburban.
More than a third of the development has already been spoken for, with Drs. John Kung and Neal Labana, both orthopedic surgeons, taking 6,000 square feet. Several other professional services firms and retailers are in talks to occupy other spaces in the building, though no other leases have been signed as of yet.
Flossmoor is located in the southern suburbs, about 25 miles outside of Chicago. Asking lease rates in that area are around $22 per square foot gross, according to Cushman & Wakefield's year-end research. The average occupancy rate is around 86%, the office report says.
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