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LAKE FOREST, IL-Duke Realty Corp. is buying nearly 10 acres at 200 N. Field Dr. in Conway Park, at Route 60 near Interstate 94. Duke acquired the property from Wintrust Financial Corp., based here. The sales price was reportedly $11 million. The company plans to construct a 170,000-sf speculative office building on the site with an estimated cost between $35 million and $40 million, says Steve Schnur, SVP of Duke’s Chicago office group.

The four-story building is expected to be a single-tenant building, like the majority of the buildings in Conway Park, he says. Construction is expected to start in June and be completed in the summer of 2009, Schnur says. Asking lease rates have not been determined yet, but the asking lease rate for the market is $20 per sf net, he says.Duke is still working on designs for the building

Wintrust had acquired the parcel a couple of years ago. “They bought it to put their corporate headquarters on the site [but] their strategy has changed,” Schnur says. Jack Frigo, with Frigo and Co., represented Wintrust in the sales transaction. Ryan O’Leary, VP with Duke, represented Duke in the transaction. The speculative building will be the fourth project Duke has developed at Conway Park. “We have done two buildings in the past two years at that park,” Schnur says.

The newly acquired site is located adjacent to the 140,000-sf Cadence at Conway office building, which Duke sold to Hospira reportedly for $30 million. Construction is under way on West Lake at Conway, another three-story 100,000 sf office building at 1925 W. Field Court. Construction on West Lake at Conway is expected to be completed in the spring. Akorn has a 10-year lease for 35% of West Lake, as previously reported by GlobeSt.com. The asking lease rate for West Lake at Conway is $19.50 per sf net, Schnur says. Duke also developed One Conway Park, a three-story 100,000-sf office building which is 99% leased.

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