SCHAUMBURG, IL—GlenStar Properties has already proven that many companies still find northwest suburban office properties attractive. And the Chicago-based firm is prepared to do so again. It just acquired John Hancock Real Estate's Schaumburg Corporate Center, a three building, one-million-square-foot complex located at 1475, 1501 and 1515 E. Woodfield Rd. in Schaumburg, IL. The buildings have not changed hands since they were developed in the 1980s.
Tenants currently occupy 72% of the space. That is a higher rate than the nearby Continental Towers complex had when GlenStar bought it in 2013. That 911,341-square-foot campus was once less than 50% occupied, but after a two-phase, multi-million dollar renovation effort, the vacancy rate dropped below 10%. Company officials see a chance to do likewise with their newest acquisition.
“This was an attractive opportunity to purchase a quality asset in a premier infill location,” says GlenStar managing principal Michael Klein.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
