January 28, 2023

Tricia Oak

Business & Finance Excellency

Elk Grove Technologies Park now fully leased as newest organization moves in

A lot less than 4 years just after builders broke ground on what experienced long been the Busse loved ones farm, the Elk Grove Engineering Park is now thoroughly leased with the variety of significant-tech production they envisioned there.

Brennan Investment decision Team, the Rosemont-based mostly developer of the huge $1 billion, 85-acre tech park, just leased its remaining 61,000 square ft of spec warehouse area, Elk Grove Village Mayor Craig Johnson said Wednesday at the ribbon-reducing for the park’s most current tenant to move in, Dexter Magnetic Systems.

“If we mentioned more than 3 a long time in the past that at the commencing of 2022 we would be (fully leased), we would’ve been leaping up and down and kissing just about every other,” Johnson stated. “Am I very pleased? I am a happy papa.”

Dexter, which models and manufactures magnetic products and solutions and assemblies for the health care, aerospace, protection and semiconductor industries, was outgrowing its 50,000-sq.-foot factory on Morse Avenue, said President and CEO Joe Stupfel. The corporation, founded in 1951 as Permag Corp., started as a magnetic solutions distributor, but step by step grew to cope with additional complex assemblies in much more challenging markets, he stated.

Just after assessing 16 diverse websites in Cook and DuPage counties, Stupfel settled on the just one just two miles away in the tech park, getting into account expenses around the study course of a extended-expression lease and proximity to his 200 staff members.

The company’s new 82,000-sq.-foot dwelling at 801 Innovation Drive requires up a very little extra than fifty percent of a single of the 4 divisible tech park properties. It overlooks a pond dotted with massive elk statues alongside hectic Higgins Street, where developers are preparing to construct a resort and achievable retail house as aspect of the remaining period of the tech park enhancement.

&#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13

 

Stupfel claimed the business put a six-thirty day period pause on its expansion ideas in the course of the pandemic — initially wondering the agency would transfer to a neighboring making — but restarted leasing talks as soon as enterprise in the commercial aerospace industry commenced to tick up past yr.

Brennan offered 36 acres on the east facet of the former farm assets to Microsoft for $52.2 million in 2020 — wherever building proceeds on the very first of 3 planned data heart properties totaling 400,000 square ft. It is really in which President Joe Biden frequented previous Oct to urge COVID-19 vaccinations on the construction site of Clayco.

Johnson mentioned exterior framing is entire on the initial Microsoft making, and programs have been submitted to village corridor for the second.

Brennan also marketed its 165,000-square-foot creating along Oakton Avenue to T5 Knowledge Facilities, which was among the the to start with firms to open up in the park. Firms that have inked leases incorporate Broetje-Automation, a German aerospace manufacturing business and Cosentino Team, which helps make surfaces for bathrooms and kitchens.

Dexter officials led excursions of their new house Wednesday afternoon, showcasing the expansive shop flooring in which next-shifters had just begun their workday. Among the get the job done being carried out: working with equipment to slice and grind metallic blocks, or ingots, into more compact magnets. A single of the products and solutions Dexter helps make is a little gold-plated magnet that is a main part of a healthcare unit valve, which aids ease fluid buildup on the brain.

Dexter just additional new grinders and saws inside the new making, and has an additional 20,000 square toes of vacant place to develop should there be desire from consumers.

“With this larger sized footprint, we have a superior skill to streamline and strengthen our procedures,” Stupfel reported.