Farpoint Development landed a big one, as a company specializing in windows, siding, doors and roofing plans to relocate and upsize its operations.
Feldco has leased about 36,000 square feet in the seven-story building 6300 North River Road in Rosemont as its new headquarters location, Crain’s reported. That’s about double the size of its current footprint at 125 East Oakton Street in nearby Des Plaines.
The deal bodes well for a city that’s seen loads of recent company downsizings, such as Meta and Salesforce shedding a combined 240,000 square feet of office space. Such moves contributed to record-high vacancies this past quarter.
Many Feldco employees work on-site at projects, CEO Doug Cook told the outlet.
“It’s somewhat of an outlying story in this environment,” Cook said. “Our offices serve a different role — we use them to build teams, and we wanted to enhance what we had, enhance collaboration. We felt we were broken up too much and wanted one unified footprint.”
Farpoint Development, in partnership with Greco/DeRosa Investment Group, bought the North River property from the village of Rosemont for about $5 million in 2017. The venture added another $6 million in renovations and had just a few tenants lined up before the pandemic hit.
The investment was worth it, however, as North Carolina-based Farpoint refinanced the property in 2021 with a $13.6 million mortgage, following commitments from various tenants. The building is 80 percent leased with the addition of Felco, which now occupies the majority of the building. Farpoint said it’s nearing a deal with another tenant, which would bring the building’s occupancy to 95 percent.
The bulk of companies are favoring newer or freshly renovated office buildings in a post-pandemic world, as indicated by the success of Farpoint’s Rosemont property.
“It’s a boutique office building, and you don’t get that in the suburbs,” Farpoint principal Regina Stilp told the outlet. “People just want nice spaces.”
—Quinn Donoghue
The spelling of the firm Farpoint Development in the headline on this story was corrected.
Read more
Commercial
Chicago
CF Industries relocates suburban HQ to Northbrook with downsize
Commercial
Chicago
Riverside, Convexity score Antares lease at BMO Tower
Commercial
Chicago
Wabtec downsize compounds Spear Street leasing woes