220 Remington continues Bolingbrook's diversification, offers rare opportunity for office space

Bolingbrook has expanded considerably from the 1970s and 80s by leveraging its location along I-55 and in proximity to I-80 and I-355. Today, with over 38 million square feet of big box industrial warehouse and distribution center space, it has become a quintessential transportation and logistics center in the Chicago metro area, across the Midwest and throughout the US.

As Bolingbrook's market position took hold and has been enhanced by ongoing industrial development, complementary needs and opportunities also have emerged. Over the last 20 years, as both the employment and residential populations have increased, retail corridors (along Route 53, Weber Road, and Boughton Road) were developed to support these needs.

With an industrial stronghold and a burgeoning retail tenant roster, the only missing piece for Bolingbrook has been an office market that has is responsive to the needs of a truly diversifying area. According to CoStar, a real estate industry database tracking the inventories of commercial real estate product, there are only approximately 20 properties offering less than one million square feet of office space in Bolingbrook.

One of those buildings is 220 Remington, which sits at what Bolingbrook Mayor Claar and his staff have labeled as the gateway to the commercial sector. Envisioned as a location for commercial businesses, the area already is supported by a roster of hotels that achieve high occupancies from representatives of companies doing business with companies in Bolingbrook.

Earlier this year Indevor Investments recognized and seized the opportunity to acquire 220 Remington, a three-story, 80,000-square-foot office building that has been vacant for eight years. In doing so, we are working to satisfy another emerging need in Bolingbrook. With a market that totals less than one million square feet, there is a need for quality office space to provide a more traditional environment for companies striving to do business or expand operations that are complementary to those already in existence in Bolingbrook.

220 Remington is being completely modernized and redeveloped to provide tenants with options that are not currently available in the market. Among the primary prospects to lease space in the building are companies that are already doing business in the Bolingbrook area, but who need additional expansion space to facilitate ongoing growth and expansion.

Underscoring this opportunity and strategy is ATI Physical Therapy which has committed to lease one full floor within the building. ATI, merely a startup firm 20 years ago relocating from its Romeoville headquarters in 2008, was recently acquired by its third private equity firm, has its corporate headquarters in Bolingbrook, approximately six blocks from 200 Remington. Because of ATI's growth trajectory, the firm needs additional space for back-office operations. ATI has committed to a lease of more than 26,000 square feet-the entire first floor at 220 Remington.

• Al Zulanas is the founder and managing principal of Indevor Investments, a real estate management and investment firm.