Jonathan Berger and Josh Silvergalde, principals of The Equitable Funds, have acquired the Remington Office Court, a four-building, single-story office campus located at 1305-1375 Remington Road in Schaumburg, Illinois. The acquisition expands the focused effort of the firm’s principals to acquire, own and manage single-story office properties throughout Chicagoland.
In conjunction with the acquisition, The Equitable Funds has named NAI Hiffman 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.
Remington Office Court totals approximately 83,370 square feet of space. At acquisition, the building was approximately 90 percent leased with four spaces ranging from 600 to 4,000 square feet available for lease.
Tenants of the complex 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.
“Move-in-ready suites for the smaller tenants are not readily available in this market. We’ve developed an investment thesis to leverage these attributes and provide tenants with an amenity-rich, cost-effective and flexible alternative,” Silverglade said. “Although COVID-19 has been reshaping the office market landscape before our very eyes, it has strengthened our resolve to acquire and manage a tenant’s demand for assets like Remington Office Court.”
Remington Office Court 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.
“Remington Office Court is well-positioned for small, entrepreneurial tenants in the northwest suburban market who traditionally have had limited options,” said Steve Chrastka, who is marketing the property along with Jason Wurtz, both of NAI Hiffman. “The property has a good reputation which will be further enhanced by the attention and hands-on management that will be provided by One Story.”
An affiliate of The Equitable Funds also owns Concourse Chicago, a 12-building, single story 165,000-square-foot complex in the O’Hare office submarket. The complex has been completely renovated and repositioned. With more than 120,000 square feet of lease transactions completed, the occupancy rate at Concourse Chicago has increased from 37 percent at acquisition to a current level of 80 percent.
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.
“Our focus has always been to own and operate a socially responsible, best-of-class real estate investment and management company,” Berger said. “Now, it’s not just the goal of the company, but the way we will approach each individual asset as we build our portfolio.”
Berger notes that based on his success at Concourse Chicago and the inception of One Story, affiliates of The Equitable Funds will continue to pursue other single-story assets throughout the Chicago and Milwaukee MSAs to further expand their platform.
The Equitable Funds, established by Berger and Silverglade in 1999, is a diversified real estate investment and management firm. Over a 20-year period the firm has completed more than $100 million of real estate acquisitions and dispositions.
