CHICAGO—Crossroads Development Partners has just chosen Transwestern as their exclusive leasing agent for 6400 Shafer Court, a class A office building in suburban Rosemont near O'Hare International Airport. The office market in the area has been struggling for a few years, but Crossroads has made a bet that Transwestern can cut the seven-story, 179,000-square-foot building's 29% vacancy rate.
“It definitely has some vacancies that we're trying to fill,” says Zach Fox, a member of the Transwestern leasing team for 6400 Shafer, which also includes Joe Stevens and Fred Ishler. But the building, which was built in 1980, “is in excellent condition, offers above-market amenities and has strong ownership.” And one of the largest open spaces, a 17,000-square-foot office on the second floor, has only been vacant for a couple of months.
“The vacancy rate in the O'Hare market is still around 17%,” Fox adds, “but things are moving at a quicker clip now.” Tenant velocity has increased, and “we're getting a lot of tenants in lower quality buildings that are looking for a step up. I wouldn't call a 17% vacancy rate a revival. I think a solid revival will happen, but it will be a little bit slow; there won't be any dramatic turnaround.”
The property includes an underground heated executive parking, on-site property management, a conference center, staffed security, full-service deli and shuttle access to the airport and the Chicago Transit Authority Blue Line.
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