Skokie, IL, June 1, 2018 – Chicago-based American Landmark Properties has announced the acquisition of Schaumburg Towers, an 882,071-square-foot Class A office property located at 1400 and 1450 American Lane in Schaumburg. American Landmark Properties acquired the property for $86.6 million from Retail Properties of America.
Steve Kling, David Florent and Jason Simon, all principals with Colliers | Chicago, have been retained as leasing agents for the property.
Schaumburg Towers consists of two 21-story office buildings connected at their base with a three-story atrium building, and two five-story parking garages. Schaumburg Towers—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 amphitheatre capabable of hosting all-hands meetings.
“Schaumburg Towers is the rarest of suburban office opportunities,” said John Roeser, Executive Vice President, American Landmark Properties. “It’s an iconic, Class A trophy office within an urban environment, with breathtaking amenities at a premier location.”
According to Colliers’ Steve Kling, “Schaumburg Towers connects the energy and amenities of today’s contemporary work spaces and the proximity to major expressways, O’Hare Airport, and the dining and shopping of the Woodfield Mall. Its unmatched infrastructure was another key selling point to Paylocity, a cloud-based human capital management software company.”
Since the twin office towers were vacated in 2016, over 400,000 SF of new leases have been signed in less than 24 months, including significant transactions with major tenants Paylocity, Great American Insurance and SwissRE.
American Landmark Properties is the owner of numerous suburban office properties in Chicago, as well as Class A office high-rises in Cleveland, New Jersey and New York. It is widely known for its acquisition of the Willis Tower in 2004 and its sale to the Blackstone Group in 2015.