O'Hare Market Tightening Up Further
Tenants that need accessibility to downtown are increasingly likely to seek out space in the O’Hare submarket.
CHICAGO—Colliers International | Chicago has been named leasing agent for 5500 Pearl St. a 133,237-square-foot, class A office building located in Rosemont, IL near O’Hare Airport. The property was recently acquired by St. Louis-based Integris Ventures in partnership with Starlight Equity Partners.
It’s a great time to lease up properties in the submarket, which now boasts the lowest vacancy rate in the suburbs. And potential tenants seem most interested in up-to-date class A properties, and experts say the vacancy rate will probably fall over the next year.
“First and foremost, the Rosemont area offers tremendous amenities,” Francis Prock, principal at Colliers’ suburban office marketing group, tells GlobeSt.com. 5500 Pearl sits right in the middle of the town’s entertainment district, including its new Pearl District, which the municipality began unveiling in April with the opening of a 40,500-square-foot Dave & Buster’s, the first of several restaurants and boutique hotels.
Tenants that need accessibility to downtown are also likely to seek out space in the O’Hare submarket. Most suburban areas have suffered some talent drain as so many younger workers have settled in the city, but quick access to the train means companies now flock to O’Hare, especially Rosemont.
“Every class A building in the area offers transportation to and from the Blue Line,” Prock says. In addition, this property has direct highway access at I-294 and Balmoral Ave., and the Metra North Central Line is a two-minute walk.
On-site amenities are the key to leasing up a class A property near O’Hare. “It already has excellent food service,” Prock says, and the new owners, who directly manage the property, plan to pursue other capital improvements to the building including a new fitness center, conference center and tenant lounge. Its sister property at 5400 Pearl is 100% occupied.
Amenities like that will attract potential tenants’ human resources people who are most concerned about recruiting talent, Prock adds. Furthermore, the building has dual power feeds from separate substations, something those evaluating infrastructure should appreciate. “It appeals to all of the decision-makers.”
“5500 Pearl is a dynamic property in the most accessible location in the O’Hare market,” Integris Ventures’ David Tomlinson says. “The imminent building improvements, coupled with access to the vast shopping, dining and entertainment options within walking distance of the building, create boundless opportunities to enrich the employee experience.”
And with many companies shrinking the amount of space allotted to each employee, making today’s offices more dense than ever, 5500 Pearl offers a parking ratio of 5.6:1,000. “That’s the highest parking ration by far for the O’Hare market.”
Prock, Darryl Silverman and Jason Simon, principals of Colliers | Chicago, will serve as exclusive leasing agents.