 Corridors One-Two |
Alter, headquartered in Skokie, is the developer the 115-acre business park. The estimated cost for the business park, when completed, is between $400 million and $500 million, Ward tells GlobeSt.com.
Verizon has leased space in Corridors Two for a regional office since 1999. The space was originally leased by WorldCom, which was acquired by MCI and was subsequently acquired by Verizon, he says. Ward and Bryan Farquhar, also with Alter, represented the firm in the lease transaction. David Justh and Kevin Rogers, both with CB Richard Ellis, represented Verizon. The building, as well as the other buildings in the park, has fully redundant fiber optics and back-up power. The buildings also have large efficient floor plates, Ward says. The building at 2655 Warrenville Rd. is 90% leased and has been at least 90% leased since it was constructed in 1999, he says.
 Corridors Four |
Designs are completed for Corridors 4, which will be a 470,000-sf, two-building complex, Ward says. Alter is designing the building in partnership with Helmut Jahn. Alter is holding off on starting construction until market conditions improve, Ward says. Construction will begin "when we feel the market is ready for it, which we do not feel it is right now," he says. There are still 60 acres of the park that are left to develop with possibly two million sf to additionally be constructed, including the two-building 470,000-sf complex, he says. With the opening of the I-355 extension, it "further enlarges the labor base the park could attract," he says.
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