Office Concepts Renews 58,720-SF Deal

GREEN OAKS, IL-Office Concepts Inc. has renewed its lease for 58,720 sf at Green Oaks Business Center near Illinois 176 and Bradley Road in this far north suburb. The company, located at 13820 W. Business Center Dr., was one of the first tenants in the three-building, 450,000-sf development by HSA Commercial Real Estate.

Negotiations on the renewal also had an air of familiarity, as HSA Commercial Real Estate SVP Doug Reed again handled negotiations for the company. He was one of the first leasing agents during the business center’s development in 1996 and 1997. Meanwhile, Bill Frain of CB Richard Ellis represented Office Concepts Inc.

Green Oaks Business Center is in a far north suburban submarket that enjoys a 7% vacancy rate, according to Grubb & Ellis’ most recent industrial market report, bested only by the western suburbs of Cook County. Asking rents for industrial space ranges from $4.77 per sf to $8.21 per sf, according to Grubb & Ellis.