The 15% vacancy at Meadows Corporate Center compares to a 24.8% overall rate in the Northwest Suburban submarket, according to US Equities Realty's most recent market report. That vacancy is topped only by the East-West Corridor, but close to the overall rate for the entire 79-million-sf suburban Chicago office universe. "Intercontinental is bullish on the suburban Chicago market and is continuing to actively seeking additional high-quality assets, particularly those with a significant discount to replacement cost," says Intercontinental Real Estate chief executive officer Peter Palandjian.
Ameriquest Mortgage Corporation, Sony USA, DePaul University and Thermos LLC are among the tenants at the property, which includes 34 acres. "We expect the property to continue to attract high-credit tenants and to perform very well over the short and long term," says Golub & Co. president and chief executive officer Michael Newman, whose company's Bill Mass will handle management and leasing for Meadows Corporate Center.
John Gavin and Paul Lundstedt of Cushman & Wakefield, Inc. represented Government of Singapore Investment Corp. and Tower Realty Corp., which advised GIC.
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