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SCHAUMBURG, IL – Manulife Financial has announced plans for construction of Phase III at its Schaumburg Corporate Center office project in Schaumburg. Construction will begin on the 14-story tower in February 2001, with completion slated for summer 2002. Schaumburg Corporate Center sits on a 41-acre site on Woodfield Road at the northeast corner of Meacham and Higgins roads. It currently consists of four interconnected four-story buildings and one four-story tower, which total about 665,000 sf.

The Phase III addition, totaling about 300,000 sf, will expand Schaumburg Corporate Center to almost one million sf. According to previously published reports, the village of Schaumburg originally approved plans for the project in 1997. That expired after Toronto-based Manulife did not proceed with its proposal, but the company started its review and pre-development work for Phase III in summer 1998. “A second tower has always been part of the master plan for developing Schaumburg Corporate Center,” says Doreen McMann, regional director for ManulifeÕs Chicago office. Manulife came before the village in August 2000, when it was ready to go ahead with the rest of the project.

At the center of the complex is a four-story atrium, reportedly the largest in suburban Chicago. In addition to providing a link between the buildings, the atrium serves as a central hub flanked by an array of amenities, which include a fitness center, daycare center, conference facilities, banking, a convenience store and food services. Phase I (1501 Woodfield Rd.) was completed in 1980 and Phase II, the first 14-story tower (1515 Woodfield Rd.), was completed in 1986. Major tenants include Boise Cascade Office Products, Dovenmuehle Mortgage Inc., Motorola Inc., and Verizon.

The new tower will be on the northwest corner of the property. It will be clad in bronze reflective glass and will take its form in the shape of an offset letter “H” to create additional window lines and provide eight corner offices per floor. Typical floor sizes will be 21,850 sf of rentable office space.

Development costs for Phase III are estimated at $50 million and will be financed by Manulife Financial internally. Schaumburg Corporate Center is owned and managed by the Manufacturers Life Insurance Co. (USA), a member of the Manulife Financial group of companies. Project consultants for Phase III include the architectural firm of Fujikawa Johnson & Associates Inc. and leasing agent CB Richard Ellis. Manulife is soliciting pre-qualification proposals from general contractors.

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