FRANKLIN PARK, IL-The Warner Co. will relocate its corporate headquarters from the West Loop to 108,366 sf of sublease space at an industrial property in this west suburb. The supplier of wall covering products moves from 108 S. Des Plaines St. to 9201 W. Belmont Ave., which has 24,000 sf of office space.
Although lease terms were not disclosed, industrial space averages $5.07 per sf in the O’Hare submarket, according to HSA Commercial Real Estate’s most recent market report.
Managing director Brian Netzky, Michael Morgan and Jim Herbst of Julien J. Studley, Inc. represented sublessor Transilwrap, which leases 247,000 sf in the building. NAI Hiffman chairman and chief executive officer Dennis J. Hiffman and vice president John P. McGuinnis represented The Warner Co., which is vacating a three-story property recently acquired by the Chicago Catholic Archdiocese.
The building is owned by Coolidge Chicago Equities, which bought the property in November 1997 for $7.1 million and obtained an $11.5-million mortgage from Citicorp two years later.