Newmark Grubb Knight Frank (NGKF) is pleased to announce that Senior Managing Director Rob Lundin and Managing Director John Norris have completed a long-term, 20,439-square-foot lease to Civiltech Engineering, Inc. at Two Pierce Place in Itasca, Illinois on behalf of the owner, Piedmont Office Realty Trust. This transaction brings the building’s occupancy to 97.5 percent, but with several great options remaining to lease.
The second tallest building in Chicago’s suburbs, Two Pierce Place is a Class A, 26-story, 485,566-square-foot office property. Built in 1991, the building’s distinctive peaked profile is one of the most prominent landmarks in the area. Located just west of Chicago’s O’Hare International Airport, the property features a robust array of amenities including covered parking, excellent food service, a state of the art fitness facility as well as on-site management. Ownership is currently planning updates to the property’s lobby and amenities.
“We are pleased to have represented Piedmont in this lease transaction, where using our resources and aggressive leasing efforts we were able to quickly backfill space with a high-quality tenant, and with zero downtime,” said Norris. “Civiltech Engineering, Inc. is a dynamic and growing company, which is a perfect fit for Two Pierce Place.”
The 20,439-square-foot lease was signed to Civiltech Engineering, Inc., a civil and transportation engineering consultant, who currently leases space at 450 E. Devon Avenue, also in Itasca. Due to the company’s growth and search for an upgraded image, the engineering firm is relocating to Two Pierce Place. Norris and Lundin represented ownership in the lease negotiations and Tom Volini and Sven Sykes of Colliers International represented Civiltech Engineering, Inc.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, and operator of high-quality, Class A office properties located in select sub-markets of major U.S. cities. Its geographically-diversified, over $5 billion portfolio is comprised of more than 19 million square feet. The Company is a fully-integrated, self-managed real estate investment trust (REIT) with local management offices in each of its major markets and is investment-grade rated by Standard & Poor’s (BBB) and Moody’s (Baa2). For more information, see www.piedmontreit.com.