Sterigenics International LLC, the leading global provider of contract sterilization, gamma technologies and medical isotopes, and a portfolio company of Warburg Pincus and GTCR, has signed a long-term lease for 27,506 square feet at Commerce Plaza at 2015 Spring Road in Oak Brook, IL. Sterigenics has occupied the location since 2001 and will expand from the 18,541 square feet it currently leases.
After working with Sterigenics to review its existing lease and evolving needs, Savills Studley recognized that the company had the opportunity to explore the marketplace for new space that would meet the growing company’s needs. In the end, Savills Studley identified an opportunity within the firm’s existing building that allows the company to grow without disrupting its day-to-day operations. Savills Studley assisted Sterigenics in negotiating a favorable concession package that will help finance the build out of the expansion space as well as an extensive renovation to upgrade the company’s existing space to include new, open and collaborative work spaces. In addition, the company’s name will be placed on Commerce Plaza’s soon-to-be-built monument signage at the entrance on Spring Road.
“In light of the news that several businesses are growing their presence Downtown, this transaction is a great example of a company that has recommitted itself to one of the more popular suburban office destinations in the Chicago area, taking advantage of the economic value, free parking and proximity to shopping and entertainment that Oak Brook offers,” said Savills Studley Corporate Managing Director Jon Azulay.
Savills Studley’s Executive Vice President and Co-Branch Manager Robert Sevim and Corporate Managing Director Jon Azulay represented the tenant in the transaction; Jeff Shay of JLL represented the landlord, The Blackstone Group LP. Rich Dale, Corporate Managing Director of Project Management Services for Savills Studley is providing construction oversight, ensuring proper timeliness and financial considerations.
“We have experienced considerable growth this past year driven by increased customer demand for Sterigenics’ services,” said Michael Mulhern, CEO of Sterigenics International. “The additional space is much needed and are happy to keep our headquarters in Oak Brook.”
Commerce Plaza is a seven-story, 510,000-square-foot, class A office complex composed of three, 170,000-square-foot multi-tenant buildings. Located near I-88, the location offers superior access to the entire Chicago suburban area, including the Oak Brook Mall, several hotel accommodations, fine dining and both international airports. The Energy Star complex provides an unparalleled office environment that includes a broad range of amenities that directly benefit tenants including 1,771 parking spaces, dry cleaning, deli and café and a fitness center.