Work Begins on Offices at $100M Project

ST.CHARLES, IL-Construction has begun on 30,000 square feet in two new speculative office buildings on Route 64. The single-story buildings represent the first portion of a $100-million development planned by Chicago-based JCF Real Estate for the 50-acre site, half a mile west of Randall Road. To be known as the Corporate Reserve of St. Charles, the project is expected to offer 600,000 square feet in ten buildings.

“We’re starting slow to develop leasing momentum, and in St. Charles, single-story office is already well-accepted,” Paul Robertson, EVP of development with JCF, tells GlobeSt.com. “We’re trying to create Class A office, which doesn’t exist in this market, so we’re starting with a product size that’s familiar to the market to create leasing momentum.” JCF also has a three-story, 45,000-square-foot office building designed, but has decided to wait until the economy improves to construct it.

JCF purchased the property a year ago from Cardinal Industries in a $12-million sale-leaseback. The lamination company occupies a 60,000-square-foot manufacturing building on the property, which it has leased from JCF through next year. After Cardinal vacates the building, JCF plans to raze it to make way for further office development.