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ARLINGTON HEIGHTS, IL-Motorola has retained Jones Lang LaSalle to market its 1.1-million-square-foot campus on West Shure Drive. The company hopes to arrange a deal in which it can lease back a portion of the five-building campus, which it has developed into office and lab space over the past three decades. Motorola’s move to sell the campus is an effort to monetize assets and sources say the company is hoping to see around $62 million in proceeds from the sale.

Motorola began developing the 64-acre campus in the late 70s and nearly all of the spaces have been updated within the past decade. The campus is divided into the three-building north campus and two-building south campus. Motorola hopes to lease back the north campus buildings, which combined represent nearly 700,000 square feet, including a fitness center and a daycare space.

“They’re consolidating their occupancy and phasing out of the buildings in south campus, which are now underutilized,” Suzanne Martinez, SVP with JLL, tells GlobeSt.com. “They looked at where they could benefit from restacking space. They’re constantly making sure they understand their space requirements in this changing economic environment.”

Motorola is looking to commit to about a twelve-year lease term for the three buildings, Martinez says. “Motorola is looking at Arlington Heights as an integral part of their global strategy,” she says. “These are long-term commitments they’re making to the north campus buildings. The north campus really appeals to single tenant net lease passive investors, while the south campus could be positioned toward both users and value-add redevelopers.”

The north and south campus are available separately or as a portfolio and are being marketed toward both users and investors. The south campus offers two 214,000-square-foot buildings, one of which Motorola may also be interested in leasing back through June 2010.

“The south campus is an opportunity for a group to come in and acquire buildings at below replacement costs and be able to turn them around, with some short-term income they can utilize,” Martinez says.

The campus also offers 3,700 parking spaces, visibility on Illinois Route 53, and proximity to O’Hare International Airport and interstates 290 and 90. Motorola’s property is in the northwest suburban submarket, where asking lease rates are around $24 per square foot gross and occupancy rates near 74%, according to Cushman & Wakefield’s year-end office market report. Martinez says the area saw around 178,000 square feet of positive absorption at the end of last year.

“The northwest submarket sits in the middle on vacancy,” Martinez says. “That market has seen some pretty sizable leases at the end of last year and there are definitely transactions getting done that show the positive leasing velocity. It has fantastic access right off the highway and is near O’Hare, so as far as a corporate location, it’s excellent.”

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