X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BURR RIDGE, IL-Mars Equities Inc. plans to start construction on a 90,000-sf office building at 120 Harvester Dr. here. The building is part of the three-building Estancia Executive Center. The total estimated cost of the 250,000-sf office complex is approximately $60 million, sources say.

Construction of the three-story speculative office is expected to begin by May 1, says James Adler, EVP with NAI Hiffman’s office brokerage group. Mars will start construction with probably a minimum of 5,000 sf of the space preleased, says, Daniel O’Neill, EVP. The 90,000-sf building is expected to be completed in April 2009, Adler says. The asking lease rate for the building is $17.50 per sf, net. Adler and O’Neill are the leasing agents for the project.

The business park is located at intersection of County Line Road and Interstate 55. The office park already has a 50,000-sf building at 180 Harvester and an 110,000-sf building at 130 Harvester, with a total of 650 parking spaces. The building at 180 Harvester was constructed in 2005 and the multi-story building at 130 Harvester was constructed in 2006, O’Neill says. The first two office buildings are 100% leased. Tenants include Insure One, University of Chicago, Rockwell Automation, NuFarm Americas, Accenture and KDA. Within the past 60 days, NBC Universal signed a lease for 6,300 sf and Atlas Tube recently signed a lease for 3,700 sf at Estancia Executive Center, Adler says.

Mars acquired the 16-acre vacant parcel in June 2004. The property was zoned to allow for a multi-storied structure with up to 450,000 sf, Adler says. “The previous zoning allowed for a lot more square footage and deck parking,” he says. “We did not feel the market would be able to absorb it in a reasonable period of time.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.