570 Lake Cook Road. Image courtesy of Bradford Allen
allen bradford has completed two leases totaling 35,000 sf at 570 Lake Cook Road, a 138,000 sf office building in Deerfield, Illinois, a northern suburb of Chicago. The lessor handled the signing of the lease internally, while Custom Commercial Real Estate and savills Provided tenant representation.
coworking company Adventure X signed a 19,000-square-foot lease to operate a new flexible office on the property’s third floor. Scheduled to open later this year, the space will be the firm’s second location within the Chicago metropolitan area.
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The Venture X expansion represents a response to the growing need for coworking space in suburban areas. Bradford Senior Managing Director Joel Berger brokered the deal on behalf of the owner, while Bespoke Commercial Real Estate co-founder Vic Sanmiguel acted on behalf of the flexible office provider.
Planning and design consulting company. kimley horn signed a long-term extension and expanded its office space to 16,000 square feet. Berger negotiated the lease on behalf of the property, while Savills Senior Principal Hayden Rasmussen and Senior General Manager Jon Azulay negotiated the agreement on behalf of the tenant.
The property’s existing tenant list includes Ferris & Thompson, Coast To Coast Logistics, Banner Real Estate Group, The Pinnacle Financial Group and Newman Insurance Services, according to CommercialEdge.
The five-story 570 Lake Cook Road was renovated last year and features heated underground parking, a top-floor solarium, conference facilities, and on-site property management services. The building is very close to the Lake Cook Road metro station, while the Chicago Executive Airport-PWK is about 6 miles away.
Office rents in suburban areas rise
According to the latest report from CommercialEdge, suburban office properties led the way in terms of rent growth, growing 4.2 percent year-over-year through April, bringing the rate to $31.0 per square foot. CBD office rents followed close behind, rising 3.7 per cent, to hit an average of $51.1 per square foot. Urban office rents continued on a downward trend, down 3.2 percent year-over-year, averaging $44.0 per square foot.
At $27.9 per square foot, Chicago asking rents were $10.3 lower than the national average, which came in at $38.2 per square foot in April. That same month, the subway vacancy rate registered 18.8 percent, higher than the national average of 16.7 percent.
