TDC executes two-floor lease with Wilton Brands, bringing the property to 100 percent leased
NAPERVILLE, IL – July 12, 2016 –The Davis Companies (TDC) today announced the execution of an 11-year, 86,111-square-foot lease with Wilton Brands – a household name and industry leader behind an enterprise of baking, kitchen and confectionary products – at Washington Pointe, a four-story, 167,000-square-foot Class-A office building in Naperville, IL. The execution of this two-floor lease brings the property to 100-percent leased.
Constructed in 1999, Washington Pointe sits on a 15.9 acre site in the heart of Chicago’s East-West Tollway submarket. The property is situated adjacent to I-88 and boasts more than 900 feet of direct highway frontage, as well as a parking ratio of 5.1:1,000 square feet. Washington Pointe is less than 30 miles from Downtown Chicago and Chicago-O’Hare International Airport.
“We wanted to bring an urban look and feel to the property in order to provide the kinds of services and amenities that today’s tenants and their employees demand,” said Duncan Gilkey, a Senior Vice President for The Davis Companies. “By investing capital into this great building, with the help of Whitney Architects, we succeeded in creating a cutting-edge, micro food market and employee lounge that caters to the needs of our tenants, providing them with healthy food options 24-7, rather than what a traditional suburban office building might offer with a small cafeteria only open from 9a.m.-2 p.m., five days a week. In addition we constructed a new fitness center and performed extensive common area renovations in the main and first floor elevator lobbies.”
“We are excited to position Wilton for future growth at Washington Pointe. The high-end office space, convenient amenities, location and ownership’s commitment to capital improvements provide a great landscape for our iconic brand and make it an ideal fit for our culture, employees, clients and partners,” said Sue Buchta, Chief Executive Officer of Wilton.
Jim Adler and Dan O’Neill, Executive Vice Presidents with NAI Hiffman’s Office Services group, represented The Davis Companies in the transaction. Gary Fazzio, Vice Chairman of CBRE, represented Wilton.
This is TDC’s third successful suburban office repositioning in the Chicago market. Other properties TDC has successfully transformed in the area include the 300,000-square-foot Crossings at Oakbrook and the 185,000-square-foot Edens Corporate Center in Northbrook.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested over $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
About Wilton Brands
Wilton Brands LLC is a leading player in the sweet treat making and crafts industries with a strong portfolio of iconic brands sold through a variety of retail and direct channels. These brands help families successfully celebrate life’s many occasions and express their creativity through crafts, encourage them to share with their families and friends, and capture their meaningful and lasting memories. Wilton distributes its products in over 100 countries and has three businesses: Wilton Enterprises, EK Success Brands and Simplicity Creative Group, all of which are leaders in their categories. Wilton’s unique business model integrates education, marketing and the sale of its products through social networking. Annually, there are over 750 million visits to the company’s websites/apps and more than 450,000 students attend its classes.
About NAI Hiffman
Comprised of over 150 real estate professionals, NAI Hiffman provides leasing, management and investment sales representation for owners and occupiers of commercial real estate in the Chicago metro market. It currently leases and manages a 54+ million SF portfolio of over 600 commercial properties throughout metropolitan Chicago, Northwest Indiana and Southeast Wisconsin. NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property.
The Davis Companies