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OfficeMax Picks 361,000-SF Building for HQ

NAPERVILLE, IL-AT&T and Lucent Technologies have been single-tenant occupants at 263 Shuman Blvd., owned by GlenStar Properties LLC and Prudential Real Estate Investors. The state comes through with a $20-million incentive package.

By Mark Ruda | Updated on September 30, 2005

(To read more on the net lease market, click here.)

NAPERVILLE, IL-A joint venture between GlenStar Properties LLC and Prudential Real Estate Investors is the winner in the quest to land OfficeMax Inc.’s headquarters. The company, now headquartered in Itasca, has chosen 263 Shuman Blvd., a 19-year-old, 361,000-sf office building in the Naperville Office Park once leased by AT&T and Lucent Technologies.

Lucent Technologies left the five-story building in 2003, and the joint venture acquired a vacant property in a soft East-West submarket less than a year ago for $14 million, according to property records. The state’s department of commerce and economic opportunity is providing OfficeMax with a $20-million incentive package to help sway the company, which has a retail headquarters in Shaker Heights, OH in addition to its corporate office in Itasca. In exchange, the company is promising to bring 600 new jobs to the state.

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