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DES PLAINES, IL-Caterpillar Logistics Services, Inc. has signed a 238,192-sf lease, taking more than half of ML Realty Partners LLC’s building at 251 Wille Rd. Although terms were not disclosed, the space had been on the market at $5.50 per sf.

The wholly-owned subsidiary of Caterpillar Inc. considered sites in Illinois as well as out of state before choosing 251 Wille Rd. because of its location near O’Hare International Airport. In addition, the 411,438-sf building with 30-foot clear ceiling height is next to the Northwest Tollway interchange at Elmhurst Road.

Meanwhile, San Francisco-based AMB Property Corp. has started construction on two buildings on Devon Avenue in neighboring Elk Grove Village. When completed, the $23.2-million project will add 308,900 sf of cargo distribution space, but 40% of it already is taken. Global freight forwarder, Panalpina, Inc. signed a 121,000-sf lease this summer to help launch the project.

Colliers Bennett & Kahnweiler senior vice president Keith Stauber, SIOR and vice president Matthew Stauber represented Caterpillar Logistics Services along with Colliers Turley Martin Tucker senior vice presidents Jeff Castell, SIOR, and Greg Gillman. Colliers Bennett & Kahnweiler senior vice president Tom Condon, SIOR, handled negotiations for Wille Road LLC, owner of the building.

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