X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO—As the industrial market in the Chicago area begins to pick up speed, some tenants have decided to renegotiate leases or secure extensions before vacancy rates fall too far and rents start rising. Exel, for example, an Ohio-based third-party logistics provider, just signed a lease extension for their space in the Laraway Distribution Center at 1151 East Laraway Road in Joliet. They had earlier signed a five-year lease, set to expire in 2015, but opted to lock in a three-year extension to 2018 for 420,500-square-feet in the 736,780-square-foot building. The landlord, ING Clarion, also agreed to pay for some minimal improvements to the building, first completed in 2008.

“The best way to get the landlord to pay for this is to give them some security,” says Jeanne Rogers of Arthur J. Rogers & Co., a partner in The CORE Network, who represented Exel. “Now the landlord has a lease that runs for another five years.” The firms did not disclose the full terms of the deal, but Rogers adds that “we just wanted to make sure we got a lower rate.”

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?

GlobeSt

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.