200 jobs to be added to the O’Hare submarket

Rosemont, IL – Avison Young announced that it has negotiated a long-term lease on behalf of Dexter Magnetic Technologies, Inc., for an 81,676-square-foot (sf) industrial facility located in the newly developed Elk Grove Technology Park at 801 Innovation Drive in Elk Grove Village, IL. Avison Young worked with the developer on the project, Brennan Investment Group, on the lease negotiations for the project.

Avison Young Principals Christopher Lydon, SIOR and Chris Tecu, specializing in industrial brokerage services in the Chicago Suburban office, represented the tenant, Dexter Magnetic Technologies, Inc.

Dexter Magnetic Technologies, Inc., is expanding their operations while consolidating their two current Elk Grove Village facilities located in the O’Hare submarket. The building shell is complete and construction on the new office space is expected to begin this summer.

“Over the course of the lease, Dexter Magnetic Technologies (“Dexter”) will add approximately 200 employees at this new state-of-the-art facility. Remaining within Elk Grove Village allows the company to retain their top-tier workforce which is a major priority for this innovative company,” said Lydon. “Avison Young is pleased to partner with Dexter to help them achieve their project and business goals.” Avison Young will also be providing Project Management services for this requirement.

“We are pleased to be joining the Elk Grove Technology Park as it provides the right location and facilities for our employees and our customers. As a technology company delivering innovative and precision manufactured magnetic solutions, we are excited for the new location for our operations. This facility will enable us to better serve our client base of blue-chip OEMs and allows a clear path for continued growth and expansion of capabilities,” said Joe Stupfel CEO of Dexter.

Dexter Magnetic Technologies, Inc. specializes in designing, machining, assembling and testing products for various industries. Founded in 1951, as Permag Corporation, the company has grown from magnet products to a full-service manufacturer and designer of complex magnetic assemblies for a global customer base. They have clients ranging from the medical and aviation industries.

The landlord, Brennan Investment Group, was represented by Jack Brennan of CBRE. Brennan Investment Group is responsible for the development of the new Elk Grove Technology Park.