Steven Kling, principal; Francis Prock, principal; and Jason Simon, senior vice president, all with Colliers International’s Chicago-area Office Advisory Group, represented McKnight Realty Partners in a 37,000-square-foot long-term lease renewal and expansion to Network Services Co. (NETWORK) at 1100 E. Woodfield Road in Schaumburg.
NETWORK is a $10 billion customized distribution services provider to multi-site companies across North America and beyond. NETWORK delivers centralized control and focused spend management, improved supply chain efficiencies and programs designed to the specific needs of more than 1.3 million customer locations. The company has been a tenant at the property since 2009 and the 37,000-square-foot lease transaction includes an expansion of 4,700 square feet.
1100 E. Woodfield Road (also known as Two Woodfield Lake) is a 240,880-square-foot five-story office property constructed in 1980 and located just west of Woodfield Mall. It is currently owned by McKnight Realty Partners. The Northwest suburban office market (where the property resides) continued to rebound throughout 2012, ending the year at 21.2 percent vacancy, down from year-end 2011 when overall vacancy peaked at 23.5 percent. Class B properties showed a noteworthy decrease, ending 2012 with 24.7 percent vacancy versus 27.0 percent in 2011.
Hank Cox and Mark Smith of CB Richard Ellis represented NETWORK in the lease transaction.