CHICAGO-Duke Realty Corp. has broken ground for a 40,000-sf spec office building at Duke Crossing at Cantera, the Indianapolis-based company’s 19-acre, mixed-use development in suburban Warrenville. Within weeks, it will also begin construction of a 100,000-sf spec office building at Conway Park in Lake Forest.

The two-story Crossings 1 will be Duke’s first spec project at Cantera where it recently completed the regional headquarters of Paragon Global Resources. Duke Crossings can accommodate up to 500,000 sf. Steve Schnur, Duke’s SVP, tells GlobeSt.com the all-in cost of Crossings 1, including the land, is approximately $8 million.

It is located along Bella Vista Parkway at the intersection of Interstate 88 and Mill Street and is expected to reach completion in May 2007. Duke is offering it for sale or lease. Schnur says the asking rent rate is $16 per sf net. “There is no asking sale price,” he adds.

Cantera is a 650-acre, master-panned mixed-use development. It contains the headquarters for BP America Inc., International Truck & Engine Inc., and Exelon Nuclear. The development also includes a 30-screen theater, restaurants, retail, three hotels and other amenities along with two residential complexes.

The three-story Westlake at Conway spec office building in Lake Forest will be offered for lease. Schnur expects it to reach completion in December 2007 and the asking rent rate is $19 per sf net. Duke owns, manages or has under development nearly 11 million sf of office and industrial properties in the Greater Chicago area and controls approximately 400 acres for future development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.