ROSEMONT, IL-The NPD Group Inc., a provider of consumer and retail market research, is renewing its lease in the Riverway West office complex here to 38,532 square feet. The company had leased about 33,000 square feet in one of the three buildings for five years.
Duke Realty Corp. owns the three-building complex, which totals about 858,000 square feet, at 9399 W. Higgins Rd. in the O’Hare submarket of Chicago. Ryan O’Leary, VP of leasing, says NPD boosted the 261,000-square-foot building to 97% leased. He declined to comment on the rate of the deal, but says an average rate for the complex is about $16.50 to $17.50 per square foot. Current tenants at the building include US Food Service and the headquarters for the Culligan International Co.
O’Leary tells GlobeSt.com that the NPD lease was fortunate, though it fits the current industries that are looking for space, including food service, education and marketing. “The office market in the suburbs has struggled, especially the O’Hare market, where there’s been high vacancy and several large blocks of space,” he says. “It’s a good sign that tenants are getting comfortable with growth projections and are taking on additional space. We had a 12-month period where tenants wouldn’t commit, now we hope this is the start of something.”
O’Leary and SVP Steve Schnur represented Duke in the transaction. Chris Wood and Adam McCostlin with UGL Equis represented the tenant.
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