(To read more on the net lease market, click here.)

LAKE FOREST, IL-Hospira Inc. has leased Cadence at Conway, the entire speculative office building at Conway Park, three weeks before the groundbreaking for the new facility. Plans originally called for the building to total 102,739 sf. The tenant, a manufacturer of hospital products, decided to add a lower level to the three-story property for a data center and storage space. The project now totals 138,000 sf.

Duke Realty is the developer and Duke Construction is the general contractor for the project, which was designed by Wright Architects. Cadence at Conway will be built on a six-acre parcel along Field Drive and near One Conway Park, a three-story office development also owned by Duke. The new office facility will include a two-story lobby and an architectural pre-cast exterior with glass and metal panels.

Steve Schnur, senior vice president with Duke’s Chicago office group, tells GlobeSt.com that “proximity was a factor in Hospira deciding to lease here,” he says. “Their headquarters are literally right across the street.” Schnur adds that Duke likes the north suburban market and is “actively pursuing another opportunity for speculative development; we will be announcing soon another deal in the 100,000-sf range.”Jonathan Metzel, an associate at Studley, calls Lake Forest “the class A market” in the northern suburbs. “Companies gravitate to the area because the office buildings in that market are built well,” he tells GlobeSt.com. “Tenants are willing to pay a premium for good space and proximity to where many executives already live.” Metzel says that average asking rental rates in Lake Forest often go for $2 to $4 above rates in other areas of the north suburban market. Additionally, he says, there are a number of headquarters in the overall market already like Walgreens and Abbott.

Hank Cox and Bob Reaumond of CB Richard Ellis represented Duke in the transaction. The tenant was represented by Daniel McCarthy and Karen Eltz of Jones Lang LaSalle Inc.

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