Brown Completes 75K Chicago Industrial LeaseBrown Commercial Group
March 7, 2023 — Despite a significant industrial space shortage, VP of Sales Jim Pietrarosso secured a a 75,072-square-foot Chicago industrial lease in the O’Hare submarket. As noted in Connect Media, the full-building lease will allow Masterpiece International to combine three locations into one, expand its space and improve efficiencies. He represented the New York City-based tenant, an international freight forwarder and logistics provider, in the move to 2601 Lively Blvd. in Elk Grove Village, IL. The tenant specializes in moving artwork, antiquities, and goods in the technology, life sciences, and energy sectors.
“Given the industrial space shortage, this was a challenging assignment. The client needed to consolidate three locations into one in the O’Hare submarket, which has limited availability,” said Pietrarosso. “By evaluating their specific operational requirements, I identified buildings that can support their freight operations while also offering efficiencies that allow for combining the three locations.”
Sam Durkin and Phil Reiff of JLL represented the landlord, ML Realty Partners.
Chicago Industrial Lease Activity
Despite a challenging economy, Chicago’s industrial market continues to show resilience. The market has experienced multiple quarters of strong tenant demand and low vacancy rates, due in part to growth in the e-commerce and manufacturing sectors. Landlords remain in the driver’s seat as tenants search the market for space. The outlook is particularly challenging for tenants looking for space in the 100K SF and under range. Tenants are advised to start early, have financing in place and be ready to move forward quickly as space becomes available.