American Landmark Properties has announced the acquisition of Schaumburg Towers, an 882,071-square-foot, Class A office property located at 1400 and 1450 American Lane in Schaumburg, Illinois. American Landmark Properties acquired the property from Retail Properties of America.
Cohen Financial, a division of SunTrust Bank, secured a total of $110 million for the acquisition. Dan Rosenberg, managing director, and Matt Terpstra, vice president in Cohen Financial’s Chicago office, put together the financing along with Steve Roth of CBRE. The funds came from a dual partnership of lenders including Prime Finance Partners and Pearlmark Real Estate Partners.
“Schaumburg Towers is the rarest of suburban office opportunities,” said John Roeser, executive vice president at American Landmark Properties. “It’s an iconic, Class A trophy office property with breathtaking amenities in a premier location.”
The property consists of two 21-story office buildings connected at their base by a three-story atrium building, and two five-story parking garages. The property—nearing completion of an 18-month-long, $10 million-dollar capital improvement program—has been enhanced to attract a modern workforce. The high-end improvements include a state-of-the-art fitness center, new upscale cafeteria with casual dining, Wi-Fi lounge, conference center, outdoor plaza and amphitheatre capable of hosting all-hands meetings.
“Schaumburg Towers connects the energy and amenities of today’s contemporary work spaces with the proximity to major expressways, O’Hare Airport and Woodfield Mall. Its unmatched infrastructure is also key to attracting a diverse tenant base,” said Steve Kling, principal with Colliers International | Chicago. He and fellow Colliers principals David Florent and Jason Simon have been retained as leasing agents for the property.
Since the twin office towers were vacated in 2016, over 400,000 square feet of new leases have been signed, including significant transactions with major tenants Paylocity, Great American Insurance and SwissRE.
“Schaumburg Towers is fully equipped to meet the demands of the modern tenant,” said Cohen Financial’s Rosenberg. “With its best-in-class amenities, proximity to the popular Woodfield Mall, restaurants and major transportation nodes, this asset is uniquely positioned in a live, work, play environment, which is a rare commodity in the Chicago suburbs.”
American Landmark Properties is the owner of numerous suburban office properties in Chicago, as well as Class A office high-rises in Cleveland, New Jersey and New York. It is widely known for its acquisition of the Willis Tower in 2004 and its subsequent sale to the Blackstone Group in 2015.