BANNOCKBURN, IL-LOGS, a network of law firms and title agencies that specialize in lender foreclosure litigation, has downsized into about half of the vacant 103,500-square-foot office at 2121 Waukegan Road. Kraft moved out of the building, also known as Bannockburn Lake Office Plaza V, in 2008.
The network had been in its own 66,000-square-foot building at 4201 Lake Cook Rd. It’s not clear what the group will do with the now-empty facility, says Kevin McLennan, senior managing director of Studley. He and Richard Schuham, EVP and director, represented the tenant in the new lease, while Steve King and Chris Cummins with Colliers International represented the owner, Colony Realty Partners.
McLennan says the company was able to right-size into the new space, which was arranged by the owner with new upgrades for the new tenant. The company now occupies the second and third floors in the three-story building here.
McLennan says the lease includes a concession package with free rent and the capital improvements. He would not comment on the lease rate, but says the rates in the Chicago suburbs are all over the place. “The market is a lot more micro than it has ever been,” McLennan tells GlobeSt.com. “Rates today are really property-driven rather than sub-market driven.” A listing by Colliers puts the lease rate for the building at $16.25 per square foot.
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