Schwab Paper Products Renews Full-Building Romeoville Lease
Schwab Paper Products signed a five-year, 55,000-square-foot lease renewal at 636 Schwab Cir., an industrial building in Romeoville, IL, where it occupies the entire building. Transwestern EVP Terri Alexander represented Schwab Paper Products in leasing negotiations. Owner Link Logistics was represented by Lee & Associates principal Ryan Earley.
The tenant, a manufacturer and converter of packaging materials, previously owned the building, and Transwestern represented Schwab in its sale/leaseback. Transwestern also assisted in several sublease negotiations for Schwab within the building.
“Tenants are experiencing a difficult time in the market, especially for renewals,” said Alexander. “With market rents dramatically increasing, tenants are experiencing sticker shock at renewal rates. While it was possible to find opportunities with lower rent, the cost of improvements and move costs ultimately became determining factors in the lease renewal.”
As a manufacturing building, 636 Schwab Cir. features thicker floors, distributed electric, food-grade improvements and an upgraded HVAC system.
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