Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOLINGBROOK, IL-Ozburn Hessey Logistics has signed a three-year lease for 164,000 square feet at 2 Gateway Court. The third party logistics company’s deal has brought the 290,000-square-foot building to fully leased. Owned by Duke Realty Corp., the property offers 6,000 square feet of office, 15 exterior docks, one drive-in door, 30-foot clear ceilings and ESFR fire protection system.

“This location is close to their corporate headquarters and main facility at 1101 Taylor Road in Romeoville,” says J.D. Salazar, managing principal with Champion Realty Advisors, who represented OHL in the deal. “That allows them to leverage employees and management, so they can shuffle employees to where they need them that day. It’s a good use of their labor force.”

Asking lease rates at the 10-year-old building are around $3.95 per square foot net. OHL use the space to handle food-related products and other consumer goods, and has the rights to expand into additional space within the building. The remaining 126,000 square feet of the building is occupied by Elkay Manufacturing Co., which has another year remaining on its lease but is currently in the process of moving out and looking to sublease its space.

In March, GlobeSt.com reported on another recent lease by OHL – 106,000 square feet it subleased from Raleigh USA at 555 Remington Blvd. “OHL’s business is growing and I’ve been more active than ever,” Salazar tells GlobeSt.com. “Good third party logistics companies are benefiting from manufacturers and other companies trying to cut costs and continuing to outsource distribution. A couple of their big consumer products clients are growing their business with OHL so they have to allocate more space.”

The property is located in the Interstate 55 submarket, where occupancy is around 84% and asking lease rates range from $4 to $6 per square foot net, according to Cushman & Wakefield’s Q1 office market report.

“There’s actually been quite a bit of activity in the 50,000 to 200,000 square foot size range,” Salazar says. “There’s movement with companies looking, deal being made and things getting done. Vacancy in the Interstate 55 corridor is still in excess of 15%, but it’s manageable, especially because there’s no new construction on the board at all.”

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.