Griffin Capital Essential Asset REIT Inc. has acquired the Nokia Siemens Networks research and development facility in Arlington Heights.
The single-story, 214,185-square-foot research and development facility, which will undergo a significant, tenant-funded $10 million renovation, is fully leased to Nokia Siemens Networks US LLC. NSN is a global provider of telecommunications infrastructure, with a focus on the mobile broadband market. In its target market, NSN is the second largest company worldwide by revenue and holds a strong position in the infrastructure technologies of 3G and 4G (LTE).
The REIT purchased the property for $29.54 million. The property is situated on a 19-acre parcel, just south of Dundee Road and directly along Illinois Route 53 giving the location an immediate connection to some of the major Chicago highways – I-90 and I-290 via Route 53.
“We believe this is a critical operating asset for NSN, as evidenced by the significant, multimillion dollar renovation they will fund at the facility, and the fact that this property is NSN’s primary global research and development facility focused on its mobile broadband business,” said Shawn Carstens, Griffin Capital’s vice president of acquisitions.
“The asset meets our criteria of investing in institutional-quality, income-generating properties leased to established corporate tenants on a long-term basis,” said Don Pescara, Griffin’s managing director of acquisitions. “We’re also pleased to complete another acquisition with Chicago-based Torburn Partners.”