Posted: July 27, 2016
Spec Office Development Returns to Oak Brook
The building at 2100 Swift will have a new look, and many significant changes, including a set of windows that will allow natural light to flood the space.
The office market in Oak Brook took a big hit with the announcement by fast food giant McDonald’s that it planned to move its global headquarters into downtown Chicago. But some developers are still quite bullish on the prospects for luring tenants into new space in the west suburban town.
Schaumburg-based REM Builders recently began a 60,000 SF speculative office redevelopment at 2100 Swift Rd. in Oak Brook that involves stripping the existing three story building down to the columns and completely rebuilding it to class A quality. CBRE has been retained to market the property, which REM plans to deliver in late 2016.
“Oak Brook is probably the most mature part of the I-88 corridor,” Jeffrey Mann, senior vice president at CBRE, tells GlobeSt.com, with its multi-tenant buildings having an average age of about 38 years. But today’s tenants are most eager to occupy new office space that incorporates the latest thinking on interior design and how that impacts employees’ quality of life. “There is a real niche in this market for buildings that have a new, fresh feel and for all intents and purposes, this is a new construction delivery.”
Tenants at the renovated 2100 Swift will find a set of offices modeled on the product now found in Chicago submarkets such as the West Loop and Fulton market, says Pete Adamo, senior vice president at of CBRE, who along with Mann will market the property. “We think suburban tenants want that as well.”
“The building has been stripped down to the slabs and will be entirely reconstructed,” he adds. And the developer will replace all of the vital building systems, upgrade all of the interiors and exteriors and deliver all of the standard amenities for today’s office users. That includes designing open offices that users can turn into the collaborative spaces most desired by the millennial generation, and greatly expanded windows that will flood the interiors with natural light.
This is not an entirely new strategy for Oak Brook developers. As reported in GlobeSt.com, in 2014 Golub & Co. and its partner Alcion Ventures bought Oak Brook Executive Plaza, a 1970's-era office complex on W. 22nd St., and have transformed it into Oak Brook 22. However, that 389,000square-foot development “has not been renovated to the extent that 2100 will be,” says Adamo. In that respect, “2100 will be unique.”
The parking structure at 2100 Swift is also unique for the suburbs as the four-level parking deck allows for six spaces per 1,000 square feet, double the typical suburban setup of three spaces per 1,000 square feet.
“As new workplace strategies have evolved to encourage a more densely populated office environment, the suburbs have often been hindered by parking restrictions,” says Adamo. “That is not the case with this project. It is one of the few buildings in the suburbs that will be able to house a large-scale workforce and still provide the convenience of ample parking. This property will work for any large firm, whether it be technology, consulting, financial or marketing.”Read More →
Posted: July 1, 2016
Luxury rental development breaks ground adjacent to Hamilton Lakes Business Park in Itasca
When you think of luxury rental developments, what do you picture? Modern apartment towers rising from the busy downtowns of major cities, right? That doesn’t have to be the case. The suburbs might not get as much press when it comes to new multifamily projects, but plenty of developers are bringing high-end rental units to suburban communities across the Midwest.
This includes M&R Development, which in late May announced the ground-breaking of The Residences at Hamilton Lakes, a 297-unit luxury rental community in the Chicago-area suburb of Itasca, Illinois. The community, a joint venture between M&R Development, Hamilton Partners and Murphy O’Brien LLC, is expected to be ready for occupancy in the spring of 2017.
The community will include three four-story buildings offering a mix of studio, one-, two- and three-bedroom floor plans. It will also feature more than 7,500 square feet of resort-style amenities. These include an outdoor pool, media room, high-end gym, business center and event space. There’s also a spa, sauna, steam room, pet spa and yoga/pilates studio. “Today’s renters want high-end amenities and finishes found in many downtown developments, but not everyone wants to live in a downtown high-rise,” said Anthony Rossi Sr., president of M&R Development. “This community fills a niche in the market, bringing that same luxurious metropolitan lifestyle to the west suburbs.” Each unit in the rental community will come with nine-foot ceilings, quartz countertops and hardwood floors, amenities typically found in high-end urban apartment developments. Kitchens will come with stainless-steel dishwashers, self-cleaning ovens and frost-free refrigerators. Tony Rossi Jr., executive vice president with M&R Development, said that the company decided about six years ago that the area adjacent to the Hamilton Lakes Business Park in Itasca would be the perfect home for a high-end rental development. That’s because the business park, which includes more than 3 million square feet of office space in addition to restaurants and two hotels, is located right near busy expressways connecting to Chicago. The business park offers plenty of office jobs, too, which will attract future residents of the Residences at Hamilton Lakes, Rossi Jr. said. “For a suburban rental development, you need good employment, good transportation options and close proximity to a commuter train station,” Rossi Jr. said. “We’d like to be right next to the train station, ideally. But not all developments can be right next to one. We are about 1.5 miles away, which is still close. There is also a Pace shuttle bus that goes through the business park. The bus can go through our rental property, too, when it opens to take residents to the train.” Construction crews began pouring concrete for the residences in early June, Rossi Jr. said. The developer says, though, that the Residences at Hamilton Lakes won’t be the last new luxury rental development in the Chicago suburbs. “There was a time, back in 1996 or so, when you saw big 300-unit apartment deals wherever developers could get zoning,” Rossi Jr. said. “You’d see these big multifamily developments in Aurora or Oswego. The last five years, there has been no real suburban rental developments to speak of. That is now starting to change. The tough part is that unless you are near an area with heavy employment or a train station that gives couples the option to have one spouse work downtown and another in the suburbs, you’ll still have a tough time getting these kind of developments financed.”
Written by: Dan Rafter | Real Estate Communications Group | View Original ArticleRead More →
Posted: December 9, 2015
Ownership or Leasing Opportunity Available on Navistar Campus
300,000 - 595,000 square feet is available for sale or lease at 2701 Navistar Drive in Lisle.
The entire southern portion of the Navistar campus offers:
- Flexible occupancy
- 100% decked parking
- Located at I-88 and Naperville Road interchange
- Full branding on building and site
- Completely furnished for 2,100 occupants
- and more
Click here to download the flyer.Read More →