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BOLINGBROOK, IL-Orbus Inc. has leased and built out 130,000 square feet at 380 Veterans Pkwy. The portable tradeshow products and accessories provider joins publishing company Banta to bring the 190,000-square-foot building to full occupancy. The $5.2 million building was developed by Seefried Properties Inc. in 2007 and an additional $1.1 million went toward Orbus’ manufacturing and office build out.

“Orbus had been located on the southside of Chicago and the neighborhood had changed somewhat,” says Mike Long, director of operations with Bannockburn, IL-based Principle, which built the facility and completed the build-out. “They were finding it difficult to find employees and they thought the Bolingbrook area would offer a better pool of resources. Their building was getting old so it was going to have to be redone in any event, so they wanted to upgrade to this building instead, which worked out better anyway.”

Orbus had occupied about the same amount of space at its previous location. Orbus’ facility is one of two developed on Veterans Pkwy. by Seefried in recent years. The other building, which offers 140,000 square feet at 360 Veterans Pkwy., is also 100% leased to Scrip Cos. and EZ-FLO International Inc.

The buildings are located in the Interstate 55 corridor, where asking lease rates range from $4 to $6 per square foot net and the occupancy rate is around 87%, according to Cushman & Wakefield’s year-end market report.

“The submarket is doing pretty awful, the phone just stopped ringing, and the industrial market is pretty much dried up,” Long tells GlobeSt.com. “Developers are looking to sell their buildings and assets to help recoup some cash and there’s absolutely no spec development, which is really a thing of the past and maybe the future. However, some people are seeing this as a good opportunity to get out of their leases and build a building for themselves since property values have come down.”

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