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BOLINGBROOK, IL-New Breed Leasing of Illinois has renewed its lease for 361,000-SF to fully occupy 850 Veterans Pkwy in a transaction valued at $3.4 million. The third party logistics company has been the sole tenant of the building since its construction about a decade ago.

Greensboro, NC-based New Breed was represented by Steven Podolsky, principal, and Steven Tick, SVP, both with Podolsky Northstar CORFAC International.

“This location satisfies the needs of the companies for whom they’re contracting so there was no need to move,” Podolsky tells GlobeSt.com. Building owner International Airport Centers LLC was represented in-house by Doug Hamje, managing director of Leasing/Central. The lease rate on the deal was around $4.65 per square foot and the lease term was not disclosed.

The property is in the southwest suburban Interstate 55 submarket. Occupancy rates in the submarket are around 87% and asking lease rates range from $4 to $6 per square foot net, according to Cushman & Wakefield’s Q4 office market report. “The market is over-supplied with way too much product, too few users and significant concessions,” Podolsky says.

Podolsky and David Saltzman of New Jersey-based Newmark Knight Frank share New Breed’s national account and have completed four other transactions in Tennessee and Mississippi for the company in the past year.

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