American Landmark Buys Schaumburg Campus
The property—nearing completion of an 18-month-long, $10 million-dollar capital improvement program—has been enhanced to attract a modern workforce.
CHICAGO—American Landmark Properties continues to show a lot of interest in suburban properties. The Skokie, IL-based firm just acquired Schaumburg Towers, an 882,071-square-foot class A office property located at 1400 and 1450 American Ln. in Schaumburg, IL. It acquired the property from Retail Properties of America for an undisclosed amount.
The two-tower complex was part of the former headquarters of Zurich North America until 2016, when it moved to a new $333 million headquarters nearby. Since then, more than 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 the rarest of suburban office opportunities,” says 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.”
Schaumburg Towers 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 amphitheater capable of hosting all-hands meetings.
Steve Kling, David Florent and Jason Simon, principals with Colliers International | Chicago, have been retained as leasing agents for the property.
“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,” according to Kling. “Its unmatched infrastructure is also key to attracting a diverse tenant base.”
American Landmark Properties owns numerous suburban office properties in Chicago, as well as class A office high-rises in Cleveland, NJ and NY. It is widely known for its acquisition of the Willis Tower in 2004 and its subsequent sale to the Blackstone Group in 2015.