Sovereign Partners Inks Suburban Chicago HQ Lease
A transportation management firm will move its global headquarters to the 490,000-square-foot trophy tower.
AIT Worldwide Logistics has signed a 56,808-square-foot lease at Two Pierce Place, 490,000-square-foot Class A office building in Itasca, Ill. Newmark brokered the lease agreement on behalf of the landlord, Sovereign Partners LLC, while JLL represented the tenant.
The commitment brings the total volume of leases signed at the property in the past year to more than 120,000 square feet. The transportation management provider will relocate its global headquarters to the building, joining a roster that comprises NNR, Chicago Office Technology, MedLogix Communications and Accertify, as shown by CommercialEdge.
Chicago’s office market did not see improvement in the last quarter of 2022, with sublease inventory reaching a record 11 million square feet, due to companies cutting costs amid economic challenges, according to a market report by Newmark. Although leasing activity held steady, the majority of commitments involved Class A, amenity-rich office buildings. Vacancy in the metro rose to 22.2 percent, up 40 points from the previous quarter, while negative net absorption persisted for 10 straight quarters.
READ ALSO: Flight to Quality Phenomenon Continues to Play Out
An updated landmark office building
Originally completed in 1991 on a 13-acre site, the 28-story landmark building features a newly completed amenity center incorporating a tenant lounge with fireplace, outdoor patio, fitness center, deli, seating area, as well as on-site catering services and a conference center. Two Pierce Place features 20,000-square-foot floor plates, a covered parking structure and underground executive garage.
Located at 2 Pierce Place, within the 300-acre Hamilton Lakes Business Park, the office building offers connectivity to major thoroughfares, including Interstate 290, Thorndale Avenue, Elgin-O’Hare Expressway and Route 83. Chicago O’Hare International Airport is some 13 miles from the property. The tower is also surrounded by an array of hospitality and dining options, a health club and walking trails.
Senior Managing Directors Rob Lundin and John Norris of Newmark represented the landlord in the lease signing, while JLL Executive Vice Presidents Eric Kunkel and Steve Spinell, along with Managing Director Darren Eades brokered the deal for the tenant.
