X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ELK GROVE VILLAGE, IL-Opus North Corp., headquartered in Rosemont, IL, is developing 19 acres of office buildings at the intersection of Arlington Heights Road and Interstate 90. The development, to be called Opus Gateway, will be in the Northwest Point Business Park.

Up to 830,000 sf of build-to-suit office buildings will be constructed at the site, says Grady Hamilton, real estate director for Opus North. The buildings can be up to 25 stories or 375 feet tall. The site has 850 feet along I-90. “We have the flexibility to create a pretty iconic building with great tollway visibility, creating a virtual billboard for the company that occupies the building,” Hamilton says.

Opus acquired the land in August 2006 for an undisclosed sum. The Northwest Point Business Park is an established business park and Opus bought the last 19 acres, he says. The area should become more popular for businesses to locate to as plans continue for the Star Line that would link the west and northwest suburbs to Chicago, Hamilton says. Current plans call for one of the stops to be in the office park.

The lease rates will vary depending on what type of building is constructed, but will probably be between $17 per sf and $20 per sf net, Hamilton tells GlobeSt.com. “That will entirely depend on the type of building that we do,” he says. “But, I would say we believe that we can create pretty competitive lease rates and sales prices by comparison to the other markets these prospects might be considering.” There are no leases or sales contracts signed yet, but there has been quite a bit of interest, he says. There is not a scheduled start date of construction yet because it depends on when leases and contracts are signed, Hamilton says.

Conceptual plans for Opus Gateway have been designed by Opus Architects & Engineers Inc. and will be constructed by the company. Opus Gateway is being represented by Steve Kling, Kevin Clifton and Mark Katz, all with Colliers Bennett & Kahnweiler.

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?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.