In what is believed to be the largest redevelopment project ever undertaken in the northwest suburban office submarket, GlenStar Properties has embarked on a $28 million capital campaign at Schaumburg Corporate Center. The redevelopment will elevate the campus to Class A+ status by adding hospitality type amenities that integrate efficiency and comfort for an improved work/life balance.
According to GlenStar principal Michael Klein, the scale of the project will create an office environment that is unmatched in the suburbs. The upgrades will allow tenants to experience a dynamic workday that will help foster socialization and community as well as retain the best talent. “The complex has great ‘bones’ and we believe once this project is complete we will have created an office environment that is unique in the suburbs,” he said. “We plan to capture those tenants that want a fresh property that caters to their work/life needs.”
In addition to updated lobbies, elevators and signage throughout the property, plans include the construction of nine modern spec suites ranging between 1,700 and 33,000 square feet, a state-of-the-art, 10,000-square-foot conferencing center with adjacent pre-function and break-out space and a new “Club Room” that features ping-pong, pool and foosball tables, as well as TVs, a bar and a fireplace that will further facilitate socializing and camaraderie among the tenants.
A new parking deck with capacity for 500+ cars and a temperature controlled skybridge will connect the new structure directly to the office complex. The smallest of the three main structures, 1501 E. Woodfield, will receive a new entry to include refreshed landscaping and pavers, new drive-up lanes and a large canopy.
The centerpiece of the complex, the 17,000-square-foot glass atrium, will be outfitted with new finishes, furniture and fixtures. GlenStar will also add a large video screen and update the ceilings and lighting to create more inviting and useable space. A new spiral staircase will provide direct access from the atrium to the fitness center on the lower level.
GlenStar acquired Schaumburg Corporate Center in March 2017, marking the first time the property had changed hands since it was developed in the early ‘80s. The complex is comprised of three buildings: a four-story, 380,000-square-foot building at 1501 Woodfield Road; a 14-story, 310,000-square-foot building at 1515 Woodfield Road and a 14-story, 310,000-square-foot building at 1475 Woodfield Road.
While Schaumburg Corporate Center was designed to be self-contained with amenities that cater to work and everyday life, it’s the atrium—the only one of its kind in the suburban office market—and the complex’s direct access to the 2.2-million-square-foot Woodfield Mall that distinguish it from the rest of the suburban office market. Notable tenants are Pepsi, Verizon, Motorola Employees Credit Union, American Agricultural Insurance Co. and Roanoke Insurance Group. Schaumburg Corporate Center is currently 74% leased.
“We have every confidence in the northwest suburban office market, as evidenced by our significant commitment to this redevelopment,” said Klein. “We completed a similar but smaller scale redevelopment of Continental Towers in Rolling Meadows about three years ago, and the result is a property that is currently over 90 percent occupied.”
The GlenStar team is noted for its successful repositioning campaigns and has garnered significant attention for the $23 million rehab of Continental Towers in Rolling Meadows, also in the Northwest submarket. There the GlenStar team took the property from 55% to 93% leased in less than two and a half years.