CHICAGO, June 7, 2016 – Cushman & Wakefield has completed 22 transactions totaling 191,453 square feet of office and industrial space at the Yorkbrook Business Park in Lombard, Illinois on behalf of Venture One Real Estate. The completion of the new and renewal leases brings the 736,000 square foot, 18-building portfolio, which was acquired by Venture One in March 2016, to approximately 94% occupied.
Cushman & Wakefield Senior Director Sean Henrick and Associate Joseph Gatto represented Venture One in the industrial leases, which ranged from 1,338 to 30,627 square feet. Cushman & Wakefield Senior Director Michael Simpson and Associate Allyson Yates are marketing the flex and office properties on behalf of Venture One.
Consisting of both single and multi-tenant properties, the portfolio includes 12 industrial properties and six flex office properties. Venture One recently completed renovations to vacant suites, including new energy-efficient lighting and high-end office finishes. The company has also announced a larger renovation plan for the park that is slated to kickoff later this summer, with improvements that include facade upgrades, new landscaping and improved signage.
“As industrial vacancy in the Northeast DuPage submarket declines, the Yorkbrook Business Park was a strategic and unique acquisition by Venture One to acquire a well located, high quality business park and offer a variety of industrial, flex and office spaces to tenants in a strong market,” said Henrick.
“The Yorkbrook Business Park offers office users some of the best flex and office value in the East-West corridor with excellent access to I-355 and I-88 and rent-ready suites,” added Simpson.
The Cushman & Wakefield team also represented the Yorkbrook Business Park’s preceding landlord, TA Associates, for 10 years prior to the portfolio trading hands.
“Having worked on this assignment for almost a decade, we are excited to be fortunate enough to be working with Venture One and continue the leasing for the park,” said Henrick. “This wave of recently-completed leases demonstrates the enduring attraction of the area and is a direct reflection of Venture One’s significant capital improvement program and hands-on ownership approach.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Venture One Real Estate
Venture One Real Estate is a real estate private equity fund manager, developer and operating company specializing in the industrial property sector. Headquartered in Chicago, Venture One manages a series of discretionary value-add investment funds that target opportunities throughout the Midwest. Venture One owns over 6 million square feet and controls over 1,100 acres of land in corporate business parks in the greater Chicagoland area. Principals of Venture One have over $6 billion of transactional experience. For further information go to www.VentureOneRE.com.