CBRE Brings Phase One of Illinois Science + Technology Park to 100% Leased One Year After Acquisition; Phase Two 130,000 SF Office/Research Build-to-Suite Announced
CBRE Brings Phase One of Illinois Science + Technology Park to 100% Leased One Year After Acquisition; Phase Two 130,000 SF Office/Research Build-to-Suit Announced
| February 26, 2018
Skokie, IL, February 26, 2018 - Chicago-based American Landmark Properties has announced that one year after its acquisition, Illinois Science + Technology Park (ISTP) is fully leased after completing two lease extensions and expansions by long-time tenants Vetter Pharma International USA and Charles River Laboratories International and a new lease with Northwestern University. The research park was 86% leased when acquired in 2017.
Illinois Science + Technology Park-located in Skokie, Illinois-is a 24-acre contemporary research, lab and office campus designed to accommodate demand from life science and technology users at various stages of the business life cycle-from startup to Fortune 500 company. The state-of-art research campus offers flexible Class A office and laboratory space from suites to dedicated laboratory and office/R & D build-to-suit sites. The campus research community environment facilitates collaboration and networking among innovation-driven enterprises. In addition to the fully leased three laboratory and office buildings, additional space is available immediately for re-development of an existing three-story building shell at 8030 Lamon Avenue.
"We are pleased with our Phase One leasing progress involving three existing buildings and are now focused on Phase Two development opportunities," said John Roeser, Executive Vice President. "We have engaged Canon Design to kick off the redevelopment of 8030 Lamon Avenue, a three-story office/research space. This 130,000-square-foot facility is an ideal customized redevelopment project for the right tenant. Five other build-to-suit sites provide a total potential of 1.3 million square feet of additional development." The ability to provide significantly more space is very important to our profile tenants who want expansion space potential as relocating these types of facilities is very expensive and disruptive to their research activities."
Vetter's Fifth Space Expansion
Vetter first moved in to the Illinois Science + Technology Park in November 2009 originally occupying 24,794 of rentable square feet (RSF) in the 8025 Lamon Avenue building. After its
fifth and latest expansion, Vetter now occupies almost 49,000 RSF of office, wet laboratory and storage space.
Vetter is a leading specialist in aseptic filling and packaging of compounds into syringes, vials and cartridges. The company, headquartered in Ravensburg, Germany, supports customers from around the world from the early stages of clinical development all the way through to market launch and beyond. 2017 was a year of activity designed to increase support for Vetter's customers including the world's top 20 pharma and biotech companies.
The company continues to expand its support capabilities in the United States at its Illinois Science + Technology Park facility.
Charles River Expands Space by 37%
Charles River, a global contract research organization headquartered in Massachusetts, expanded its footprint at the Illinois Science + Technology Park by 37% at the end of 2017. It added 9,242 RSF of office and laboratory space bringing Charles River's total leasable area to 34,056 RSF.
Charles River offers products and services that aid in basic research, discovery, preclinical testing, clinical development and commercialization. Charles River's in vitro facility at the Illinois Science + Technology Park specializes in large molecule bioanalysis and genetic and invitro toxicology for pharmaceutical, biotechnology, chemical agrochemical and food companies.