Naperville, Ill. (June 14, 2010)—The lead tenants are in varying stages of occupying their spaces in buildings in Rosemont and Naperville that were developed and constructed by Ryan Companies US, Inc. Rosemont Corporate Center and 111 Shuman Boulevard are the first Class A office buildings to come on line in the O’Hare and East-West Corridor markets since November 2008 and October 2008, respectively.
In addition to its role developing and/or constructing these buildings, Ryan is the property manager for both buildings.
“Over the years and across the country, Ryan has established a great reputation for developing office buildings,” Tim Hennelly, vice president of development, Ryan Companies, said. “With the completion of these two buildings, that reputation now extends to the Chicago metropolitan area.”
This month Cisco Systems will move in to Rosemont Corporate Center where it will occupy 82,000 square feet of space in the four-story, 119,000-square-foot office building. The joint venture project between Ryan Companies and The Harp Group is 85 percent leased. According to the first quarter 2010 Office Market Study by Colliers Bennett & Kahnweiler, the overall occupancy rate in that market is 25 percent.
In addition to Cisco Systems, Skyline Advanced Technology Services will occupy 7,000 square feet. The Harp Group/Portfolio Hotels & Resorts already occupies 10,000 square feet. With these tenants in place, approximately 19,000 square feet of space will remain available. According to Colliers Bennett & Kahnweiler, that space, located on the fourth floor of the building, could be expanded to 30,000 square feet.
Rosemont Corporate Center was constructed on a three-acre site south of Balmoral Avenue, between River Road and Interstate 294. The site is immediately south of the Rosemont Theatre and adjacent to the Village’s Entertainment District consisting of restaurants, hotels and other retail amenities.
The building was constructed to meet LEED Gold certification criteria. Among the building features helping the building and its tenants achieve certification is an under floor air distribution (UFAD) system. Other “green” features include energy efficient mechanical and electrical systems and water conservation plumbing features.
Features of Rosemont Corporate Center include space divisible to 2,200 square feet, food service in the building, covered parking and hotel shuttle service to and from the River Road "L" stop and O'Hare International Airport. The building is adjacent to the newly developed 556-room Intercontinental Hotel and within minutes of nearby restaurants including The Capital Grille, McCormick & Schmick's, Gibsons Steakhouse, Cafe Nucci's and Maria's Mexican Restaurant. Location benefits include proximity to O’Hare International Airport and tollway/expressway systems providing access to downtown and the suburban markets.
Francis Prock and Steve Kling, principals with Colliers Bennett & Kahnweiler, are the exclusive leasing agents for Rosemont Corporate Center. Prock believes other firms will define value the same way Cisco Systems has and opt to lease space at Rosemont Corporate Center.
The building at 111 Shuman Boulevard has been completed and Delta Dental of Illinois has moved into its space. The 85,000 square foot building was designed and constructed by Ryan.
Delta Dental now occupies 65,000 square feet of space in the four-story building after relocating from approximately 43,000 square feet of space in its former offices in neighboring Lisle, Ill. Ryan Companies is leasing the remaining approximately 20,000 square feet of space in the building and will relocate to the space in November 2010.
Delta Dental is the largest and most experienced dental benefits carrier in the country. Delta Dental of Illinois is a member company of the Delta Dental national system, and the company continues to sustain significant growth in terms of the number of clients and their employees it covers. The ability to own the building was a critical element in DDIL’s decision-making process.
Hennelly said these projects, along with other commercial office and related projects currently in progress, demonstrate the wide range of ways Ryan serves the needs of the marketplace—through development opportunities such as Rosemont Corporate Center, build-to-suit developments such as 111 Shuman, and as general contractor as is the case with the 105,575-square-foot Burr Ridge Medical Center. He added that Ryan is also constructing 60,000 square feet of tenant improvements for Loyola Medicine’s orthopedic and neuroscience clinics at the building. The space being built out by Ryan will be used to provide neurosciences and musculoskeletal care from Loyola University Health System physicians. The center also will offer an immediate care center, a sports medicine program, pain management, a sleep center, an infusion center and a laboratory.
About Ryan Companies US, Inc.
Ryan Companies US, Inc., a nationally recognized design-builder, developer and real estate manager, has specialized in providing fully integrated solutions for more than 70 years. Ryan is currently ranked 76th in Engineering News-Record’s (ENR’s) list of Top 400 Contractors. In its first 10 years of operation, Ryan’s Midwest Division (based in Chicago) has completed over $1 Billion in projects for customers such as Deere & Company, Isle of Capri, Target Corporation, Dominick’s, C. H. Robinson and Froedtert & Community Health. In addition to its Chicago office, Ryan has offices in Minneapolis, San Diego, Tampa, Phoenix and Cedar Rapids, Davenport and Des Moines, Iowa.