Brennan Investment Group announced plans for the Elk Grove Technology Park, a new 85-acre in-fill development — one of the largest of its kind in the country — to accommodate opportunities in the emerging fields of digital manufacturing, robotics and data centers.
The approximate boundaries of the 85-acre site are Higgins Road on the North, Lively Road on the East, Oakton Boulevard on the South and King Street on the West.
Brennan will initiate development by constructing an amenity rich infrastructure with ponds, water features, sculptures, bike paths and pedestrian walkways. Upon completion, four speculative facilities, facing Higgins Road will be built. The development can host an additional five buildings, including sites for data centers. Located nearly adjacent to O’Hare International Airport, the park will be an ideal location for state of the art industrial and data center facilities.
“Opportunities to develop near airports, in major metropolitan areas – and in scale -are virtually non-existent” said Michael Brennan, chairman and managing principal, Brennan Investment Group. “We are confident this will become the most desirable and significant industrial development in the Chicago region, and perhaps in the United States.”
“America is experiencing an Industrial Renaissance that is creating both new companies and revolutionizing traditional manufacturers.” Brennan added, “There is an acute shortage of modern facilities in strategic locations that are built in aesthetically pleasing environments. The Elk Grove Village Technology Park will address these needs.”
CBRE will be the exclusive leasing agent for the project. The CBRE team of Chris Zubel, John Hamilton and Jack Brennan will lead the industrial leasing efforts. Todd Bateman, North American practice leader for CBRE’s Data Center Solutions team, will handle data center leasing
“Elk Grove Village is known as the top market in the Chicago area for businesses,” said Craig Johnson, Mayor of Elk Grove Village. “The work of our board, and our staff, in collaborating with Brennan on the concept and design of the Elk Grove Technology Park is another example of our tradition of working together to accomplish great things for both business and the community.”
Elk Grove Village is the largest community comprising the O’Hare market with more than 3,600 companies calling Elk Grove Village its principal location.
According to CBRE research, industrial vacancy in the O’Hare market is 2.8 percent and the Class A vacancy rate is under 1 percent. There is very little construction in the pipeline and that which is planned is de minimis by comparison.
“Demand is extremely high in the O’Hare market and there is virtually no new supply,” said Chris Zubel, managing director with CBRE. “The focus of this park will be specialized high-tech industrial and clean manufacturing firms. With this location and this state-of-the-art product, Elk Grove Technology Park will assure that these firms have a place to grow and flourish.”
Data center opportunities will also be a significant focus for this project.
According to CBRE Research, Chicago is one of the top three markets in the country for data center leasing activity and Elk Grove Village is the epicenter of this activity as it sits at the convergence of national fiber optics cables. With less than 3 percent vacancy in the Chicago market, supply is not meeting current demand.
To learn more, visit: elkgrovetechnologypark.com