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January 13, 2011 
Spec Vindication

Yesterday, one of the last spec buildings built before the recession reached 90% occupancy. Calamos Real Estate's four-year-old, 212k SF CityGate Centre in Naperville signed a new 51k SF lease to RSA Medical.
CityGate center
We're told this is the building and not the most ornate greenhouse we've ever seen. J.F. McKinney's Dru Shoemaker repped Calamos, while Grubb & Ellis' Sven Sykes and Rick Morris repped the tenant. The LEED Silver building is just off Route 59 and I-88. The tenant, a medical risk underwriter and consulting firm, signed for the whole sixth floor and part of the fifth at 2135 CityGate Lane, a part of the mixed-use complex. Owner John Calamos says it reaffirms the relevance of such centers.

Industrial Improving
NAI Chart
Vacancy rates decreased 30 bps during Q4 in Chicago's industrial submarkets, according to stats from NAI Hiffman, the second consecutive quarter of improvement. It was helped by the 1.5M SF of absorption in the Joliet market, including the 860K SF Navistar lease in Cherry Hill. Vacancy fell from 11.8% to 11.5%, 60 bps from its peak at 12.1% last summer, NAI's Craig Hurvitz tells us. 2010 was also the first year since 2007 for positive absorption, with 2.2M SF coming off the market.
Navistar building
Top submarkets in Q4 included Southeast Wisconsin (with a whopping 2.2M SF coming off the market) Joliet, I-55 (where Duke is developing a new building among the 1.8M SF that was absorbed) and I-88 (1.6 M SF absorbed). Still holding back—The Chicago North and South markets (negative 2.9M SF combined absorption), North Cook (dare we say, losing out to Wisconsin with negative 1.1M SF) and O'Hare (negative 1.1M SF). About 1.6M SF is under construction, mostly in the Joliet submarket.

Same-Day Surgery
A 10k SF former admin space at 520 S. Maple in Oak Park is now 23 recovery bays for surgery outpatients at the Rush Oak Park Hospital Campus. The 18-week project was overseen by Reed Illinois' Scott Pickands and designed by the Proteus Group. Scott says the group also recently learned that it has unofficially won a project at the new main campus at Rush.
We snapped Scott in a meeting yesterday at the firm's West Loop offices. He says the project was complicated because of the specialized HVAC systems that had to be installed to keep dust and germs out of operating and recovery rooms. Nurse call systems and medical gas valves also had to be installed. The $1.5M project included the demolition of the existing admin space.

Industrial Finishing Strong
1200 Greenbriar in Addison
Lincoln Property Co sold its industrial property at 1200 Greenbriar in Addison to LaSalle Investment Management for $17.2M. Cushman & Wakefield's Ken Szady and Jim Carpenter brokered the sale of the 263k SF building, which is leased to a third-party logistics provider. Ken says the sale, one of the highest-quality buildings sold in 2010, signals more high-quality buildings coming to the market in 2011. We'll sharpen our pencil ... well, keyboard.
Close a new deal? Tell Maureen Wilkey, maureen@bisnow.com.
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