X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BUFFALO GROVE, IL-FedEx has leased nearly 43,000 square feet combined in two of Chicago’s north suburbs to serve as regional offices, and has recently completed interior build-outs on the space. In the larger project, FedEx leased and upgraded 31,401 square feet at Hamilton Partners’ Riverwalk facility at 2150 East Lake Cook Road in Buffalo Grove, IL.

The company also leased and made improvements to 11,500 square feet at Hamilton Partners’ Deer Park Office Center, at the northeast corner of Quentin Road and Lake Cook Road in Deer Park, IL.

“These two new additions to FedEx’s office portfolio deliver high-quality amenities and finishes in strategic locations that incorporate the elements of nature to create optimal work environments,” said Bob Harbour, president of Morgan/Harbour Construction Company, which performed the interior improvements. Work on the offices included installation of teleconference rooms, necessary infrastructure and backup generators. The Jenkins Group served as architects on the project.

The office space was chosen based on proximity to local interstates, and a location within larger developments. FedEx’s two-floor Buffalo Grove office, which will house more than 100 employees, is located within a 500,000-square-foot development of two 12-story towers. The Deer Park location has opened within a 90-acre campus that will eventually offer 900,000 square feet of office space, found within the larger 230-acre Deer Park Triangle commercial business district.

Memphis, TN-based FedEx has already moved into both locations. Asking lease rates for office in the north suburban submarket are around $27 per square foot, gross, according to Cushman & Wakefield market research. The research put the submarket’s Q3 occupancy rate around 85%. Cushman & Wakefield represented FedEx in its lease negotiations.

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.