The Equitable Funds LLC has acquired 1340 – 1350 Remington Road in Schaumburg, a two-building, single-story multi-tenant office asset that it will combine with 1305 – 1375 Remington Road to create One Story Schaumburg. The Equitable Funds acquired the first Remington asset, a four-building single-story multi-tenant office complex of approximately 84,000 square feet formerly known as Remington Office Court, in December of 2020
The newest buildings acquired total approximately 48,000 square feet of space. When combined with the earlier acquisition, One Story Schaumburg will total more than 130,000 square feet of space. The buildings, located directly across the street from one another, were built in the same style by one developer.
“From the outset our objective was to be able to ‘reunite’ these properties to create a single asset that could be branded as One Story Schaumburg and marketed to small to mid-size users that seek the advantages of single-story office space,” says Jonathan Berger, a cofounder and principal of The Equitable Funds. “What’s great is that these two buildings will finally work together as one. We have found in our other single story properties that tenants tend to change in size and scope organically and rapidly so we now have many spaces in different sizes to offer the quickly changing landscape.”
At the time of acquisition, the buildings at 1340 – 1350 Remington were approximately 30 percent leased. Currently, spaces ranging from 1,500 to 5,000 square feet square feet are available. The site is very flexible and for the right tenant in the market spaces can be combined to create a contiguous 20,000 square-foot space.
NAI Hiffman is the exclusive leasing agent of Remington Office Court. One Story LLC, a property management firm recently formed by Jonathan Berger and Joshua Silverglade, will manage the asset.
Upon acquisition, The Equitable Funds is executing a renovation and repositioning program to both upgrade and unify the assets. While specific elements will be unique to the Schaumburg property, they are consistent with Concourse Chicago , a series of 12 single-story buildings totaling more than 165,000 square feet that affiliates of The Equitable Funds own in Chicago, near O’Hare. One Story LLC currently has over 300,000 sf of single story office product in Chicagoland.
Similar to Concourse Chicago, a Spec Suite program will be initiated to offer move-in ready spaces in the 1,500 – 3,000-square-foot range. An amenity center is being built that will offer a common conference room and lounge space with a free coffee bar. Landscaping improvements will be done to create more outdoor seating. Insert details about what is being done at the building(s) to modernize and upgrade.
“Suburban tenants in the 1,500 – 5,000 square foot range typically do not have the luxury or time to wait for a space to be built out,” says Steve Chrastka who along with Jason Wurtz, both of NAI Hiffman’s Office Services Group, are marketing the property for lease. “Our spec program with higher end finishes will meet the desired looks and time frame that smaller tenants seek.”
Tenants of One Story Schaumburg enjoy a variety of privacy, safety and health-related attributes that are not found in traditional, multi-story suburban buildings. These features include direct-to-the-outside suite entrances, dedicated and tenant controlled HVAC systems, operable windows, and private restrooms.
One Story Schaumburg is located immediately north of Woodfield Mall, north of the Golf and Meacham Roads’ intersection which positions the property within steps of a wide variety of amenities including shopping, restaurants and hotels. Remington’s proximity to the full I-90 interchange provides convenient connections to I-290, I-355 and IL-53. Further, O’Hare International Airport is less than 15 miles away and downtown Chicago is approximately 30 miles from the property.
Since acquiring the first piece of One Story Schaumburg, more than 20 leases totaling 15,000 square feet of space have been completed there.
“Remington Office Court is well-positioned for small, entrepreneurial tenants in the northwest suburban market who traditionally have had limited options ,” says Steve Chrastka, who along with Jason Wurtz, both of NAI Hiffman, is marketing the property. “The properties have never been truly marketed or put on the map. These two properties have always been considered a low cost option in the market but not anymore”.
The formation of One Story is a logical step in the evolution of The Equitable Funds’ investment in single story office properties. Through One Story, the company is well-equipped to manage single-story properties with the intent of giving tenants the flexibility, service, and security they are looking for in the suburban marketplace. The company will do this whether it is through the on-site day-to-day operations or through transforming a tired asset that once redeveloped and repositioned can offer tenants a first class experience and a competitive, cost-effective alternative to traditional multi-story assets.
