WEST CHICAGO, IL-Evolution Sorbent Products has renewed its lease for a 60,000-square-foot manufacturing facility at 1270 Nuclear Dr. The meltdown sorbents producer has signed a new seven-year lease for the building, which it has occupied for about five years. ESP was represented in the deal by Marat Safir, president of Northbrook, IL-based Taurus Realty Partners, while building owner Batavia Land Co. was represented in-house.

“They have a lot of infrastructure already in place in this building, and it works for them for a number of reasons,” Safir tells GlobeSt.com. “They can tap into the good labor market that’s out there and the utilize rail, which goes to the building, so that’s a plus. They’ve made a pretty large investment in this building.”

Built in 1972, the building is located in the Fox Valley submarket, where Safir says asking lease rates are around $4 per square foot net. He declined to disclose the lease rate on ESP’s deal, which now extends through 2016.
“They did a look at the market and some of the facilities available were competitive, but at the end of the day, this turned out to be the best option for them,” Safir says. “It became a self-fulfilling prophecy. The landlord was aggressive and gave them a good concession package, which made it favorable for them to save long term.”

Overall occupancy in the Fox Valley submarket is around 93%, according to Cushman & Wakefield’s Q1 industrial market report. “Over the long haul, the submarket has been resilient to the effects of the economy,” Safir says. “It’s not a destination market, but there’s not a lot of interchange and a lot of the companies that are there don’t relocate to another market. Vacancies have risen a bit, like anywhere else, but not as drastically as other submarkets.”

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