"The building is in close proximity to another location of Illinois Bone and Joint Institute," Drue Stoehr, project manager for Missner, tells GlobeSt.com. "They have consolidated a little bit of their facilities." The institute's space includes offices, examination rooms, conference rooms, MRI facilities, X-ray facilities and related medical support.
Another tenant in the 67%-occupied building is Northwestern Suburban Urologists, which occupies about 8,000 square feet on the first floor, Stoehr says. Asking lease rates for the remaining 20,300 square feet on the building's third floor are around $24 per square foot, net, he says. The northwest suburban building is located adjacent to Holy Family Hospital, and offers 167 parking spaces and two elevators. It is constructed of reinforced concrete and glass and was designed by Stephen Rankin Associates.
The property is located in the O'Hare submarket, according to building owner. Asking lease rates for Class A office in the submarket are around $28 per square foot, gross, according to Cushman & Wakefield market research. The overall office occupancy rate for the submarket in Q3 was less than 79%, the company's research said.
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