Brennan Investment Group to Develop $1B Technology Park Near O’Hare International Airport
ELK GROVE VILLAGE, ILL. — Brennan Investment Group, a private real estate investment and development firm based in Chicago, plans to develop Elk Grove Technology Park, a new 85-acre infill development situated roughly three miles from O’Hare International Airport. The project could cost nearly $1 billion to develop, according to the Daily Herald.
“Opportunities to develop near airports, in major metropolitan areas — and in scale — are virtually non-existent,” says Michael Brennan, chairman and managing principal of Brennan Investment Group. “We are confident this will become the most desirable and significant industrial development in the Chicago region, and perhaps in the United States.”
Brennan Investment plans for Elk Grove Technology Park to house data centers and industrial space for digital manufacturing and robotics uses. Upon completion, four speculative industrial facilities will be built with opportunities for an additional five buildings, including sites for data centers.
Brennan Investment will initially build out the infrastructure of the park with ponds, water features, sculptures, bike paths and pedestrian walkways. The site for Elk Grove Technology Park is bounded by Higgins Road to the north, Lively Road to the east, Oakton Boulevard to the south and King Street to the west.
“Elk Grove Village is known as the top market in the Chicago area for businesses,” says Craig Johnson, mayor of Elk Grove Village, which is the principal site for more than 3,600 companies. “The work of our board, and our staff, in collaborating with Brennan on the concept and design of Elk Grove Technology Park is another example of our tradition of working together to accomplish great things for both business and the community.”
The CBRE team of Chris Zubel, John Hamilton and Jack Brennan will lead the industrial leasing efforts for the park. CBRE’s Todd Bateman will handle data center leasing.
Elk Grove Village is the largest community in Chicago’s O’Hare industrial submarket. According to CBRE, industrial vacancy in the O’Hare market is 2.8 percent and the Class A vacancy rate is under 1 percent.
“Demand is extremely high in the O’Hare market and there is virtually no new supply,” says CBRE’s Zubel. “The focus of this park will be specialized high-tech industrial and clean manufacturing firms.”
Chicago is one of the top three markets in the country for data center leasing activity and Elk Grove Village is an active submarket in the space as it sits at the convergence of national fiber optics cables and currently has less than 3 percent vacancy, according to CBRE.
Brennan Investment Group owns and manages an industrial portfolio with a market value in excess of $3 billion. The company’s current portfolio spans 23 states and encompasses over 27 million square feet.
— John Nelson