Missner Completes $8.5M IL Bone & Joint BTS

DES PLAINES, IL-The Missner Group has finished work on an $8.5 million BTS for Illinois Bone and Joint Institute. The three-story, 60,900-square-foot medical office facility was constructed at 900 East Rand Road. The building was developed and constructed for the institute this year and is owned by GVA Williams. Illinois Bone and Joint is leasing 27,000 square feet on the first and second floors of the building.

“The building is in close proximity to another location of Illinois Bone and Joint Institute,” Drue Stoehr, project manager for Missner, tells GlobeSt.com. “They have consolidated a little bit of their facilities.” The institute’s space includes offices, examination rooms, conference rooms, MRI facilities, X-ray facilities and related medical support.

Another tenant in the 67%-occupied building is Northwestern Suburban Urologists, which occupies about 8,000 square feet on the first floor, Stoehr says. Asking lease rates for the remaining 20,300 square feet on the building’s third floor are around $24 per square foot, net, he says. The northwest suburban building is located adjacent to Holy Family Hospital, and offers 167 parking spaces and two elevators. It is constructed of reinforced concrete and glass and was designed by Stephen Rankin Associates.

The property is located in the O’Hare submarket, according to building owner. Asking lease rates for Class A office in the submarket are around $28 per square foot, gross, according to Cushman & Wakefield market research. The overall office occupancy rate for the submarket in Q3 was less than 79%, the company’s research said.