News
KENNEDY KEEPING UP
August 22, 2011
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| The residential downturn might have an upside for Hansen Realty and its Near North Business Center near Addison and the Kennedy Expressway. Hansen's Adam Parla and Rick Hansen renewed two leases in the center last week: a 60k SF space to RCN and an 82k SF space to AlStyle Apparel. Hansen bought the land several years ago during the housing boom with the intent of building luxury homes. The company owns several more properties between downtown and O'Hare along the Kennedy, and Rick tells us they're leasing well as tenants look for alternatives to the O'Hare submarket. | |
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| The center also is home to WGN's studios and a Warner Brothers office/warehouse. Now 55% leased, it could be a site for build-to-suit development in the near future: there is space available for a handful of new industrial/warehouse flex buildings, which Hansen could develop in partnership with Centrum and New York investment partner Angelo Gordon. Rick says with an aging stock of O'Hare office facilities and more employees driving in from the 'burbs, he's seen a lot of growth in neighborhood centers. |
