The Addition of 999, 1011 and 1111 Touhy Avenue Leasing Portfolio Expands the Cawley Chicago Office Team into the O’Hare market
DES PLAINES, IL (July 24, 2017)—The suburban office team at Cawley Chicago has been named exclusive leasing agent for O’Hare Offices, a three building, 450,000-square-foot office property portfolio that is adjacent to O’Hare International Airport within the O’Hare office market. With the addition of this portfolio, the Cawley suburban office leasing team has expanded into the O’Hare market.
The portfolio consists of 999, 1011 and 1111 Touhy Ave. in Des Plaines and is owned by affiliates of Siete 7, LLC, a private investment group that occupies space in one of the buildings. The three buildings encompass approximately 450,000 square feet of space. The portfolio is currently 50 percent leased and offers spaces ranging from 933 square feet to 60,000 square feet. The complex has numerous large block or full floor options of approximately 25,000 square feet or more.
“This three-building portfolio is a strategic and viable alternative for tenants looking for corporate and regional headquarters space as well as satellite offices in the O’Hare market,” said Tony Russo, Executive Vice President, Cawley Chicago. “This is a great opportunity for Cawley Chicago to work with Siete7, LLC and their affiliates in the marketing and repositioning of O’Hare Offices.”
According to Rawly Lantz, another member of the Cawley Chicago leasing team that also includes Ryan Freed and Doug Pauly, building ownership is undertaking several initiatives to help market and position space in the three office buildings. Those initiatives include creating several market/move-in ready suites, a general clean-up and refreshing of available spaces and common areas, and improved property signage. Additionally, ownership has allocated significant buildout allowances to help tenants create high-functioning and dynamic Class A spaces.
The three buildings were developed from 1973 to 1979 and acquired in separate transactions in 2008 and 2009. In creating a portfolio, ownership has leveraged individual building strengths and amenities into benefits for all tenants within the complex. These amenities include executive conference and training rooms, delicatessen and a fitness center. Additional features include key card, after-hours access, Pace transportation to CTA Blue Line to the city and Coulomb Technologies electric vehicle charging stations.
Specific descriptions of the three buildings and the available spaces include:
- 999 Touhy Avenue—this five-story, 145,062-square-foot building features 29,000-square-foot floor plates and offers on-site, executive conference and training rooms. Spaces currently available range from 1,403 to 60,000 square feet.
- 1011 Touhy Avenue—this five-story, 153,777-square-foot building features a three-story atrium, 28,000-square-foot floor plates, and an on-site, ground-floor deli and fitness center. Spaces currently available range from 933 to 28,000 square feet.
- 1111 Touhy Avenue—this five-story, 148,000-square-foot building features a two-story atrium with terrazzo floors, 32,000-square-foot floor plates, and an on-site, ground-floor deli. Spaces currently available range from 2,226 to 32,000 square feet.
Prime Suburban Location
O’Hare Offices is located almost immediately north of O’Hare International Airport, at the intersection of Touhy Ave. and Higgins Rd. This location provides immediate access to Chicago O’Hare International Airport, Chicagoland’s expressway system and myriad CTA and Metra services, from buses to elevated trains to commuter trains. This provides unparalleled accessibility to the airport, downtown and other suburban markets.
The complex also benefit from the close proximity to the considerable retail and entertainment amenities that are within a short distance of O’Hare Offices, including MB Financial Park, Fashion Outlets of Chicago, Rivers Casino, Allstate Arena and numerous hotels, restaurants and theaters.
Dynamic O’Hare Marketplace
According to CoStar statistics, the O’Hare submarket accommodates 18 million square feet of office space. The overall vacancy in the submarket is 15.0%; for Class A buildings it is 12.7% and 19.4% for Class B properties.
Over the past twelve months, the O’Hare office market has seen a positive net absorption trend of 459,000 square-feet. While absorption has a positive outlook for the rest of 2017, the last twelve months have seen rent growth of 4.4%.
Growing Cawley Chicago Portfolio
With the addition of this three-building portfolio, the Cawley Chicago office team now has a portfolio of approximately 45 properties totaling almost two million square feet of space across the suburban marketplace. The team, which has been together for approximately four years, has a collective experience of more than 35 years representing suburban landlords.
About Cawley Chicago
Cawley Chicago is suburban Chicago’s dominant submarket specialist in commercial real estate; specializing in leasing, sales, investment disposition/acquisition, consulting and asset/property management. Cawley Chicago helps business and property owners understand and create value. Founded in 1998, the firm has completed transactions totaling over $1 billion.
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