January 27, 2023 2:00 PM
Newmark announces a new 56,808-square-foot lease at Class A office building Two Pierce Place in the Chicago suburb of Itasca, Illinois. The tenant, Itasca-based AIT Worldwide Logistics, will make Two Pierce Place its global headquarters. AIT Worldwide Logistics is a leading global transportation management provider with more than 100 locations worldwide, including regional headquarters in London and Hong Kong.
Newmark Senior Managing Directors Rob Lundin and John Norris represented the landlord, Sovereign Partners, LLC., in the lease transaction. This lease marks the completion of over 120,000 square feet in office leasing transactions at the property within the last year.
“Despite office market conditions, we have been tremendously successful in leasing Two Pierce Plaza over the last twelve months,” said Lundin. “For many reasons, the primary being the asset’s crown-jewel status appeal, the Itasca submarket has demonstrated a steady demand from world-class tenants such as AIT Worldwide Logistics. We look forward to welcoming them into the new space.”
Two Pierce Place is a 25-story, 490,000-square-foot landmark building. The property’s best-in-class amenities include a newly completed amenity center; a tenant lounge with a fireplace, TVs and seating area; outdoor patio, putting green, bocce court and soft seating, a fitness center; a full-service deli and sundry shop with on-site catering services and a conference facility with state-of-the-art A/V capabilities.
Situated in the prestigious Hamilton Lakes Business Park, the property features convenient access to major roadways I-290, Thorndale Avenue, the new Elgin-O’Hare Expressway and Route 83, granting access to Chicago O’Hare International Airport and the area’s numerous surrounding amenities.
JLL brokers Eric Kunkel, Steve Spinell and Darren Eades represented the tenant, AIT Global Logistics, in the lease transaction.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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