Tekni-Plex / HSA Spec Development – 2021-2023

September 15, 2023

In 2021, Cushman & Wakefield | Boerke began searching for a medical manufacturing facility to support Tekni-Plex’s Wisconsin expansion, with eventual selection of HSA Commercial Real Estate’s proposed speculative industrial building in Madison. Negotiations began, but Tekni-Plex later increased the required space needed, leading to a creative site plan adjustment by the landlord. In 2022, Tekni-Plex executed the initial lease, with expansion approvals expected in early 2023. Taking a calculated risk, the developer constructed the full 200,000 SF building and was rewarded when Tekni-Plex committed to leasing the remaining square footage in early 2023, fully leasing the building before construction started.