(Save the date: RealShare Chicago comes to the Union League Club of Chicago October 23.)
ROSEMONT, IL-After a lot of consideration, the Big Ten decided it couldn't lease office in the struggling Chicago suburban office marekt. Instead, the country’s oldest Division athletic conference is building a new office building here in the MB Financial Park. The company is moving from its 25,000 square feet facility in Park Ridge, IL to a 50,000-square-foot building, which will also have a restaurant.
The conference looked at available lease space throughout the suburbs, or buying a building, Studley executive managing director Robert Sevim tells GlobeSt.com. He and managing director Jon Azulay represented the conference in the search of the office market, which is about 23% vacant. “We were looking at the options, trying to find the right type of buildings, but there just continues to be a lack of buildings the right size,” he says. “At the end of the day, they just decided the options weren’t that great.”
The conference didn’t want to just move into a couple of floors in a multiunit building, Sevim says, but instead wanted to control its space. “They want to incorporate the Big Ten experience, not dilute it,” he says. The property is also near the airport and hotels, requirements for the conference.
The new $15 million building will feature a conference center, office space and an officiating command center, including a 3,500-square-foot museum type space with interactive displays. Also, the conference worked out an incentive deal with the village, allowing it to gain the land by including a 10,000-square-foot Brazilian restaurant, the tenant that will pay property taxes.
Ratio Architects will design the building, and Leopardo Cos. will serve as the construction manager. Delivery of the building is scheduled for October 2013.
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