Newmark Grubb Knight Frank (NGKF) is pleased to announce that Managing Director Thomas Gath and Director Michael Bacik have completed a 43,296-square-foot lease to Zebra Technologies at 2550 Millbrook Drive (Millbrook Business Center) in Buffalo Grove, Illinois on behalf of the landlord, Millbrook Real Estate Company. This transaction brings the building’s occupancy to 100 percent.
“We are pleased to have represented Millbrook in this significant lease transaction in South Lake County, bringing the building to full occupancy,” said Bacik. “Millbrook brought us on after they were notified that a tenant was vacating the building. By using our resources within NGKF, along with those of Millbrook’s acclaimed development and management team, Tom and I were able to quickly assist our client by bringing them a quality long-term tenant, leaving a very short vacancy before Zebra Technologies took occupancy. Additionally, being able to accommodate Zebra Technologies’ office requirements along with a space for the firm to repair and test equipment is a testament to the flexibility Millbrook Business Center offers its tenants.”
Millbrook Business Center is a dynamic corporate park consisting of six Class A buildings totaling 650,000 square feet and benefiting from low Lake County taxes. Built in 1998, the office properties feature modern floor designs and the industrial buildings have 10 exterior docks, 28’ clear ceilings as well as drive-in bays. Millbrook Business Center features on-site management and ownership, two full-service cafes, deck parking, volleyball courts and a walking/jogging path complete with extensive landscaping and water features. Uniquely designed to facilitate tenants’ changing needs for office, service center, warehouse and expansion requirements, Millbrook Business Center also offers close proximity to Highway I-94, Chicago O’Hare International Airport, restaurants and hotels.
“Mike and Tom of NGKF are skilled professionals that have served our team well. They used their resources and knowledge to efficiently secure and retain quality tenants and maximize the asset value on our behalf,” said Bruce Hecktman, president of Millbrook Real Estate. “We look forward to welcoming Zebra Technologies to the building.”
The most recent lease, which brought the facility to 100% occupied, was signed to Zebra Technologies Corporation, a global leader in products and solutions. The firm is relocating its repair, maintenance, refurbishing, re-packaging and distribution operations from Vernon Hills to Millbrook Business Center. Gath and Bacik represented the landlord, Millbrook, in the transaction, and Dan McCarthy and Kurt Sarbaugh of JLL represented Zebra Technologies Corporation.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.