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UPS leases spec building in Lockport

LOCKPORT - United Parcel Service has leased the first spec building at Panattoni Development Co.'s 355 Corporate Center in Lockport.

UPS is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business.

Panattoni Development Co. expanded its presence to the I-355 corridor with the 50-acre 355 Corporate Center, developing this project with joint venture partner PCCP. They started the project with two speculative light industrial buildings. UPS leased building No, 1 in the park immediately after Panattoni completed construction.

The UPS building totals 273,640 square feet and features up to 65 docks, four drive-ins and parking for 268 cars. A second building has also been completed at 355 Corporate Center totaling 228,690 square feet, with 65 docks, four drive-ins and parking for 240 cars. Both buildings feature 32-foot clear height, ESFR sprinkler systems, and are ideal for a range of distribution and manufacturing uses.

"To have a premier global logistics operator like UPS choose this location is a tremendous validation of the project and of the I-355 corridor," said Jason Rosenberg of Panattoni Development. "This is the third major lease in a spec building in the corridor this year - there's tremendous momentum in this submarket right now."

The UPS lease at 355 Corporate Center brings total first-quarter absorption in the I-355 corridor to more than 1.1 million square feet, including LG Electronics' 363,224 -square-foot lease and RJW Transportation's 512,265-square-foot lease, both just a few miles north of 355 Corporate Center.

Mark Barbato and Adam Stokes of Park Ridge-based Nicolson, Porter & List represented Panattoni in the transaction and UPS was represented by Frank and Matt Minik of Jupiter Realty Services.

"Because development in the 355 extension has only started recently, the market has been watching these first couple of developments to gauge the submarket," said Barbato. "These 3 deals, all announced in the first quarter of this year, have launched the I-355 corridor as a premier distribution location."

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