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GlenStar Properties has big plans for its latest suburban office acquisition. It is shelling out some big bucks to upgrade the 1M SF campus to Class-A status so that it stands out in a suburban office market that is steadily rebounding.
GlenStar acquired Schaumburg Corporate Center, a three-building complex at 1475, 1501 and 1515 East Woodfield Road. The price was undisclosed but Crain's Chicago Business reported in January that GlenStar and the seller, John Hancock Real Estate, agreed to an $80M deal.
Schaumburg Corporate Center was built in three phases. The 380K SF 1501 Woodfield Road building was built in 1980, followed by the 311K SF 1515 Woodfield Road building in 1996 and the 308K SF 1475 Woodfield Road building in 2002. The complex was ahead of its time with self-contained amenities, including a fitness center, a cafeteria, a convenience store, a hair salon, a lounge area, a conference center, a dry cleaner/tailor, and below-grade executive parking. But the most unique design features of the campus are a 17K SF glass atrium and direct walkable access to Woodfield Mall.
GlenStar will implement a $30M capital improvement plan that will include upgrading the atrium; improving the parking ratio to 4:1 with the addition of a covered parking structure; modernizing common areas, entrances and conference rooms; and a spec suite program featuring modern designs ranging from 1,700 to 49K SF. The plan is similar to GlenStar's renovations to Continental Towers in nearby Rolling Meadows.
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