Five Leases Signed at Lisle Building as Suburban Leasing Catches up with Downtown
Transaction velocity in the suburban Chicago office leasing market is picking up steam. With strong ownership investment and diligent work from the Hiffman brokerage team, 2200 Cabot in Lisle has managed to flourish in the new office leasing environment. From Chicago Business Journal:
By Ben Miller and Wendell Hutson
Five leases were recently signed at the 2200 Cabot office building in Lisle, Illinois, about 25 miles west of Chicago.
Brokerage NAI Hiffman said the leases total nearly 30,000 square feet at the 22-year-old, five-story building in the Corporate Lakes office park in Lisle.
The tenants signing leases were CAGE Civil Engineering, Capitas Financial Midwest, NSA Media, TD Synnex, and Mathieson, Moyski, Austin & Co. LLP.
NAI Hiffman’s Patrick Kiefer and Jim Adler represented building owner RE Development Solutions in the lease negotiations.
“Cabot was almost vacant when the owner, RE Development Solutions, bought it. The owner has been renovating it and gradually leasing it up since then,” said Kiefer. “It’s a fully renovated boutique building offering excellent value in a great location near I-88, [with] shops and restaurants and a strong labor pool in the western suburbs.”
The five-story, 132,000-square-foot office building now has 70,000 square feet of leasable space remaining, Kiefer added.
According to a report by NAI Hiffman, leasing activity in the suburban Chicago market has caught up with leasing activity in downtown Chicago, despite downtown Chicago’s larger size.
“Average quarterly leasing activity between the two markets is now roughly equivalent, despite the total size of the downtown market exceeding the size of the suburban market by about 37%,” per the company’s report. “Market conditions remain favorable for tenants, and there continues to be strong activity in the suburban market.”
Other brokers on the 2200 Cabot deal included Patrick Elwood of CBRE Group Inc., William Main of CBIZ Gibraltar, Diana Riekse of CBRE, Kevin Rogers of JLL, and Scott Fedyski and Jay Scholten of Capital Real Estate Partners.
Read the article online in Chicago Business Journals.