CHICAGO—Panattoni Development Co. recently broke ground on a new warehouse and distribution facility at Turnberry Lakes Business Park in suburban Roselle and has already leased the entire property. Architectural Office Environments, the holding company for Affordable Office Interiors and Business Office Systems, has leased all 154,126 square feet at 501 S. Gary Ave.
Panattoni plans to finish the new facility this fall, and in addition, the company will also soon complete a 136,799 square-foot building nearby at 101 S. Gary Ave. Both building feature 30' clear heights, and will offer users quick access to the Elgin/O'Hare expressway and close proximity to the Metra commuter train station.
CBRE's Mike Sedjo and Dan Bessey represented the tenant in the transaction.
The vacancy rate in the submarket increased to 7.69% during the first quarter, according to Colliers International, up from 7.35%. “This area was overwhelmed with a larger than normal amount of second generation space returning to the market,” the firm found.
Business Office Systems is one of the leading Haworth dealers in the country. It provides new, used and recycled office furniture and services such as space planning, design, technology integration, remanufacturing and project management.
“We are excited to be part of the emerging Turnberry Lakes Business Park and being actively involved with a robust and business friendly community such as Roselle,” says George Pfeiffer, chief executive officer of AOE. “Our new corporate headquarters building will allow us to showcase products for our clients and provide an interactive environment demonstrating the exciting trends in today's dynamic office environments.”
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