Liberty Property Trust has signed a lease with PAE for 723,291 square feet of industrial space at 1070 Windham Parkway in Romeoville, IL. As of May, the company will occupy the entire industrial building named Liberty Business Center Windham.
“The I-55 submarket has seen a significant upswing in demand this year, after a rather turbulent 2014, which has left very little inventory for large blocks of class “A” space,“ said Neal Driscoll, vice president and city manager, Liberty Property Trust. “Geographically, we believe this submarket is at an inflection point in regard to large contiguous vacancies. The lack of developable land along the I-55 corridor will likely push development further south to the I-55 and I-80 interchange or east down I-355 which is relatively untested territory. We would not be surprised to see speculative development in either direction.”
Liberty purchased the building from Home Depot in 2012 which features excellent visibility on Interstate 55, 150 loading docks, a 30″ clear height as well as plentiful auto and trailer parking.
PAE, a government services firm that supports the United States Postal Service in addition to multiple federal clients, leased the space as part of its most recent contract award to operate the Chicago Mail Transport Equipment Service Center (MTESC). With 16.5 acres under one roof, the Chicago MTESC will be the largest MTESC in the United States.
Added Driscoll, “We are pleased that we have been able to provide PAE with a solution that included the abundant trailer parking needed to serve their client’s requirements and our property management team is working side by side with the PAE team to open the facility as soon as possible.”
Liberty was represented by Colliers International. PAE was represented by Cresa.