Giant Bicycle signed a lease extension and expansion in Elgin, bringing its total space in the Northwest Corporate Park to 180,000 square feet.
The manufacturer of bicycles and bike accessories grew its footprint by 50,000 square feet with the lease renewal at the Stockbridge Capital Group-owned complex at 2414 Galvin Drive, according to REJournals.
Steve Bass and John Sharpe of Lee & Associates represented San Francisco-based Stockbridge while Cushman & Wakefield’s Al Caruana and Britt Casey represented Giant Bicycle.
Bass and Sharpe also represented Stockbridge in separate negotiations for Essentra Components to sign a long-term lease for 22,000 square feet at 2530 B Vantage Drive in Elgin.
Caruana represented Essentra, a manufacturer and distributor of components such as protective plastic caps, clamps, fasteners, handles and knobs.
The signings add to the strong industrial leasing market in the Chicago area, which just had its best quarter in three years.
The flurry of leasing activity comes as Chicago’s industrial market is reaching highs not seen in decades. This year will likely set a new record in industrial investment sales, and construction in the market has skyrocketed. [REJournals] — John O’Brien
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