Despite the bargain-basement price, vacancy in the southwestsuburban industrial market has soared to 17.4%, according to CBRichard Ellis' most recent market report. "We believe thesefacilities will compete effectively in the marketplace and beattractive to traditional and technology oriented users," saysBerwind Property Group senior vice president Joseph I.Neverauskas.

Berwind Property Group has hired Brenda Crisp of Colliers RealEstate Management Services to oversee operations at both buildings.Tellabs vacated the 548,100-sf building on 50 acres at 1000Remington Blvd., built in 1993 and expanded in 1998, earlier thisyear. Francis R. Prock, Charles V. Canale and David W. Florent ofColliers Bennett & Kahnweiler will market space in thebuilding, which includes a full-service cafeteria, fitness centerand nearly 900 fully furnished work stations. Tellabs will leaseback half of the 182,400-sf building at 605 Territorial Dr. forthree years. Daniel P. Cawley and Jack Henning of Cawley Chicagoare marketing the remaining 88,282 sf at the six-year-oldbuilding.

The actual buyer is BPG Investment Partnership VI, LP, BerwindProperty Group's $384-million private equity fund. Berwind's localportfolio includes the 1.1-million-sf Wood Hill Crossings BusinessPark in nearby Woodridge.