Transwestern Real Estate Services (TRS) announced Schwab Paper Products has signed a five-year, 55,000-square-foot lease renewal at 636 Schwab Circle, an industrial building in Romeoville, Illinois. Schwab Paper Products occupies the entire building. Transwestern Executive Vice President Terri Alexander, SIOR represented Schwab Paper Products in the lease negotiations.
Schwab Paper Products, a manufacturer and converter of packaging materials, previously owned the building, and Transwestern represented Schwab in the sale/leaseback of the building. Transwestern also assisted in several sublease negotiations for Schwab within the building.
As a manufacturing building, 636 Schwab Circle features thicker floors, distributed electric, food-grade improvements and an upgraded HVAC system. It is conveniently located in close proximity to Interstates 55, 355, and IL 53 ramps.
In Transwestern’s Q1 2023 Chicago Industrial Market Report, Research Director Caitlin Ritter explains that industrial vacancies, including manufacturing space, remain low, resulting in a lack of available options for tenants and rapidly growing rental rates. Asking rental rates are experiencing double-digit annual growth.
Owner Link Logistics was represented by Lee & Associates Principal Ryan Earley.
