BECO Management, Inc. a metropolitan Washington, D.C.-based commercial real estate investment, development and management company, has acquired the five-building, 1.2 million square foot complex in Libertyville, Illinois that previously served as the corporate headquarters for Motorola Mobility. The company purchased the portfolio, containing a mixture of multi-story office and research and development space from Motorola Mobility Holdings, LLC, for $9.5 million.
Originally constructed in 1992 and renovated in a staged process that extended from 1998 through 2005, the development is located at 600 N. U.S. Highway 45. The buildings formerly served research and development, manufacturing, distribution and administration functions for Motorola Mobility, which produced a range of telecommunications equipment including cellular phones. Approximately 2000 employees formerly worked within the complex, with the majority relocating to a site in Chicago earlier this year.
The mix of buildings, which are contained within approximately 84 acres of land, include commercial office, distribution and logistics and office/laboratory space, as well as a full-service cafeteria, gymnasium and a daycare center. The property is configured with full-fiber connectivity through an underground network spine and more than 3,400 vehicles can be accommodated throughout the site.
BECO Management intends to transform the former Motorola Mobility site into Innovation Park, Chicago-Libertyville. The project will be managed by a newly-created Chicago-based division, BECO Midwest, and will be overseen by Chris Epstein, the newly-appointed Managing Partner and President. Mr. Epstein led the revitalization and leasing efforts for Innovation Park-Charlotte.
Innovation Park, Chicago-Libertyville will be ready for occupancy in late summer or early fall 2015. The complex is situated on Route 45 within close proximity to Route 137 and is approximately three miles from Interstate 294.
BECO Management represented itself and Richard Plonsker, Executive Vice President and Managing Director of Binswager, represented the seller in this transaction.
