Record-Breaking 1.6M Square Foot Logistics Lease in Chicago Showcases Strength of Industrial Market

Lease Details and Parties Involved
Cushman & Wakefield has brokered a significant industrial lease for the entire building at 701 Central Ave. in University Park, Illinois. The lease covers a substantial 1.6 million square feet. Cushman & Wakefield’s Sean Henrick and Ryan Klink represented the landlord, W. P. Carey, while Jason West, Lou D’Avanzo, and Adam Cooke represented the tenant, whose identity remains undisclosed.

Market Impact and Significance
"This is one of the largest lease deals executed under one roof in the Midwest region in some time," stated Sean Henrick, Vice Chair at Cushman & Wakefield. "It emphasizes the strength of the Chicago industrial market as a core distribution location." The deal highlights the robust demand and strategic importance of the Chicago area for industrial and distribution purposes.

Location and Transportation Advantages
The property’s strategic location offers excellent connectivity to key transportation infrastructure. It is within a day’s drive of 26 cities across the Midwest, Northeast, and Canada, making it a prime distribution hub.

Upgrades and Sustainability
W. P. Carey invested significantly in upgrading the building, transforming it from an outdated asset into a state-of-the-art facility. These upgrades include enhancements that align with current market standards and initiatives to reduce the building's overall carbon footprint, ensuring it meets modern environmental and operational criteria.