UrbanStreet Group Closes On 225-Acre Motorola Campus
Motorola Solutions has a 225-acre weight off its shoulders after a JV of UrbanStreet Group and Trilogy Investments bought the rest of its Schaumburg campus. Long a symbol of the flight of suburban companies to downtown Chicago, Motorola will now invest $83M to renovate two remaining buildings on the campus, retaining 1,600 jobs in Schaumburg.
Suburban office sales have picked up of late as investors are looking for good opportunities in premier submarkets, especially in Schaumburg. Zeller Realty acquired Woodfield Preserve Office Center in a $74M deal—Zeller's first post-recession office acquisition.
UrbanStreet managing partner Bob Burk says the 1.8M SF site, spread across five parcels, represents an ideal repositioning opportunity with its location and accessibility via a variety of transportation options. Motorola has slowly sold off parts of the campus since it split into two companies in 2011. One of those companies, Motorola Mobility, eventually moved to the Merchandise Mart and later began subleasing most of its 600k SF space.