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GlenStar Properties launched a $28M redevelopment of Schaumburg Corporate Center, 11 months after the firm acquired the 1M SF campus. It is believed to be the largest capital improvement project underway in the northwest suburban office submarket.
The centerpiece of the renovations is the 17K SF atrium, the hub for all of Schaumburg Corporate Center's activities. The atrium, which connects the three buildings in the complex, will be outfitted with new finishes, furniture and fixtures, and updates to the ceiling and lighting. GlenStar will also add a video screen to the atrium.
Other planned upgrades include a new parking deck to accommodate over 500 vehicles and a temperature-controlled skybridge connecting the structure to the main complex; a revamped 10K SF conference center with adjacent breakout and pre-function space; a tenant clubroom with pingpong, pool and foosball tables, a bar, fireplace and TVs; a new spiral staircase connecting the atrium to a lower-level fitness center; upgrades to common areas; and a new entry to 1501 East Woodfield Road with new drive-up lanes, updated landscaping and pavers.
GlenStar principal Michael Klein called Schaumburg Corporate Center an A-minus asset in an A-plus market; the upgrades, coupled with the property's direct access to Woodfield Mall, will attract a wider range of quality tenants. GlenStar bought Schaumburg Corporate Center from John Hancock Real Estate for $80M in March.
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