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Oak Brook 22 Hits 95% Occupancy

CHICAGO—Formerly known as Oak Brook Executive Plaza, the complex has received a makeover since Golub bought in two years ago, and has brought in a dozen new tenants.

By Brian J. Rogal | brianjrogal | | Updated on June 16, 2016
chi-OakBrook22 (2) In less than two years, Chicago-based Golub Co. has renovated and updated the Oak Brook complex now known as Oak Brook 22.
CHICAGO—Oak Brook Executive Plaza lacked some of the amenities that many class A tenants now expect when Golub Co. bought it in 2014 . The developer soon began making updates to the 389,000 square foot complex, which was built between 1968 and 1980. And the renovations have helped secure dozens of new leases and renewals, pushing the complex’s occupancy rate to about 95%. “In the suburbs there are a few core markets that stand a good chance of capturing more than their share of tenants,” Michael Newman , chief executive officer of Golub, told GlobeSt.com, and this area, “right in the heart of Oak Brook next to the Oak Brook Center Mall and I-88,” easily qualifies. Command Alkon, Inc. will be just the latest company to relocate to Oak Brook 22. The global supplier of industry-specific hardware and software systems for construction materials producers recently signed a lease for 11,195 square feet at 1211 – 1315 W. 22 nd St., where it will consolidate from two separate suburban Chicago locations. Pete Adamo , Bill Elwood and Tara Torbik of CBRE represented Chicago-based Golub in the transaction. Jon Azulay of Savills Studley represented Command Alkon. Improvements at the facility were led by Wright Heerema Architects and i nclude: a redesigned lobby and lounge area, a new fitness center, state-of-the-art conference facility and major exterior and interior upgrades. Since taking the assignment, the CBRE team has completed 22 lease renewals and 12 new leases at the facility. The building now sits 95% leased. “This property has become one of the premier buildings in not just Oak Brook, but the entire suburbs of Chicago,” said CBRE’s Elwood. “It’s a great example of how a developer can take the location strengths of a market like Oak Brook and then develop a product that can be used for recruitment and retention. We are very excited about how this asset has performed.”

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