Fischer Chicago, Inc. has announced its representation of OHL in a long-term lease renewal at 1101 Taylor Road, Romeoville, Illinois.
OHL—based in Nashville, TN and one of the largest 3PL companies in the world—renewed its lease for the entire 541,123 square feet in the distribution/warehousing facility.
J.D. Salazar, SIOR, Executive Vice President and Managing Director of Fischer Chicago, teamed with ProVenture Commercial Real Estate to represent OHL. The landlord, New York Life Real Estate Investors, was represented by Senior Director Jeff Perpich of the firm.
“I am pleased we were able to represent OHL and negotiate a favorable contract for them to remain at their current location, a critical hub for their Chicago area operations,” said J.D. Salazar. “The logistics industry has been instrumental in reviving the Midwest economy and OHL has been at the forefront of this effort.”
OHL was the first and has remained the only occupant of 1101 Taylor since it was built in 2001. The building features 32-foot clear ceiling heights, 60 exterior docs and 40 slots for trailer parking.
J.D. Salazar pointed out that in 2015, the first quarter ended with a vacancy rate of 5.7% for distribution space over 100,000 square feet, which represents a drop of 120 basis points from the 2014 year-end vacancy for the same product category; the average confirmed lease rates for transactions over 100,000 square feet reached $3.87 per-square-foot, per-year, triple-net, in the first quarter of 2015; and the average lease up period finished the Quarter at 10.9 months, for spaces over 100,000 square feet.