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Naperville , IL (February 22, 2006) — Ryan Companies US, Inc. has acquired an approximately 8.0 acre parcel adjacent to the MetroWest Office Building, positioning itself for future development opportunities. Jeff Smith, President, Ryan Companies US, Inc. made the announcement.
According to Smith, Ryan now is exploring the sites best utilization to determine its next course of action. In characterizing the market, Smith said the suburban office market has been improving.
“In 2005 we saw signs of encouragement,” he said. “There were some notable transactions, little new construction and signs of stabilization for the overall market. These are good signs.”
“The recent report from the feds on real job growth is encouraging,” he continued. “If Chicago experiences a continuing increase in hiring, companies likely will expand their office requirements meaning we should see the office market respond with new product coming on line in 2007 and 2008.
“This land parcel, in a highly visible and accessible location along I-88, represents great long-term potential in the marketplace. At the appropriate time, Ryan Companies will be part of that market.”
Recognized in Chicago for its industrial parks, retail development and the Sears Centre in Hoffman Estates, Smith said Ryan is as well known in other markets for its office developments across the country.
The 8 acre site is situated immediately south of I-88 at Washington Boulevard , midway between Winfield and Naperville Roads. Ryan acquired the site from CBRE Investors. The purchase price of the property was not disclosed.
Ryan Companies US, Inc. is a leading national commercial real estate firm offering integrated design-build and development as well as asset, property and facilities management services to customers. For more than 68 years, Ryan has used a single-source approach that offers flexibility in defining the scope of a project and strength in providing effective, timely solutions resulting in a higher certainty of success. In addition to its Chicago office, Ryan has offices in Minneapolis, Phoenix, San Diego, Tampa, Cedar Rapids, Davenport and Des Moines, Iowa.
