Office N Illinois

Leasing opens up on O’Hare River Road redevelopment

Farpoint Colliers River Road Development,ph01

Farpoint Development and Greco/DeRosa Investments have retained Colliers International to handle the leasing of their 6300 River Road project in Rosemont. Jason Simon, principal, and Jonathon Connor, senior vice president, of Colliers will be the exclusive leasing agents for the soon-to-be redeveloped building.

“6300 North River Road will be a gamechanger in the O’Hare Market,” said Simon. “The redevelopment is exciting as the property will be the first and only true loft office space available in the O’Hare market. Interior finishes will draw on the original character of the building structure and inspire the Mid-Century design.”

The comprehensive refresh of the property will include a fully renovated lobby, replacement of all exterior windows and staining of the exterior brick. A new state-of the-art fitness center, conference facilities, underground executive parking, tenant lounge and micro food market with outdoor seating will help to transform the building into Class A office space. The office building will also be the first in the suburbs to offer a yoga room with Zen garden.

The $6 million core/shell renovation of the seven-story building is anticipated to commence immediately and be completed by mid-2018. The property offers building top signage with exposure along Interstate 294 and prominent signage along River Road.

Farpoint and Greco/DeRosa purchased the building in December 2017. The principals behind this team have cooperated on other projects in the Chicagoland area, including the conversion of a cold-storage building into Goggle’s Midwest headquarters, redevelopment of a 900,000 square feet tech-tenant hub at 111 N. Canal and the award-winning corporate headquarters for Hillshire Brands at 400 S. Jefferson.

The O’Hare upmarket’s 14 percent Class A vacancy rate is the lowest among the suburban submarkets. The area is currently home to only three Class A blocks with over 100,000 square feet of contiguous office space available. Absorption for 2017 in the O’Hare market totaled 123,026 square feet, according to a Suburban Office report for Q3 2017 by Colliers | Chicago.