One Of The Suburbs' Highest-Profile Distressed Office Properties Has New Ownership, Life
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Franklin Partners acquired OfficeMax's former Naperville headquarters and plans to redevelop the property to cater to the modern office worker. Franklin and Bixby Bridge Capital acquired the five-story, 354K SF building at 263 Shuman Blvd. last week. The sale price was undisclosed.
OfficeMax left the property in 2015 and its previous owner, Columbia Property Trust, turned over ownership of the building to a loan servicer in February 2017 after failing to find a new tenant for the building. The building was hit with a $49M foreclosure lawsuit in June. The building was valued at $24M when Columbia Property Trust walked away from it.
Franklin Partners hired Wright Heerema Architects to redevelop the property into a multi-tenant building with amenities common in downtown office buildings, and to refresh common areas. Franklin Partners partner Ray Warner said the western half of the East-West Corridor is primed for multi-tenant, amenity-rich office properties, and that the property will attract interest from tenants when the renovations are complete.
“From the baristas and wellness amenities to a foodie-friendly marketplace, we’re bringing Fulton Market to Naperville," Warner said.
Franklin Partners appointed Colliers International's David Florent and Francis Prock as the exclusive leasing agents for the property.