Office N Illinois

O’Hare International Center sells, will undergo $5M capital improvement

O’Hare International Center sells, will undergo $5M capital improvement,ph1

Bridge Investment Group’s office division acquired O’Hare International Center (“OIC”), a pair of nine-story, Class-A office towers adjacent to O’Hare International Airport in Rosemont, Illinois. More than $5 million in capital improvements are planned for the campus, with renovations expected to begin in mid-October.

Holliday Fenoglio Fowler, L.P. (HFF) marketed the property on behalf of the seller, and procured the buyer, Bridge Investment. The HFF investment advisory team representing the seller included directors Bryan Rosenberg and Patrick Shields and senior managing directors Jaime Fink, Jeff Bramson and Mark Katz.

Originally built between 1984 and 1987, the 517,640-square-foot property is currently 83 percent occupied. The OIC has undergone nearly $4 million in renovations since 2012, with a new state-of-the-art fitness center and upgrades to the 1,800+-space parking deck among the recent improvements. The new capital expenditure will include significant cosmetic renovations to both lobbies, a new tenant amenity lounge connected to new outdoor amenity space, next-generation spec suites, conference center, as well as modernized corridors, restrooms and elevators.

“The repositioned O’Hare International Center will be a vibrant workplace campus that blends urban-style amenities and entertainment with the suburban convenience and affordability that appeals to today’s workforce,” said Brian Tretinik, managing director with Bridge Investment Group. “The O’Hare submarket is home to several Fortune 500 companies and currently boasts the highest Class-A rents and lowest vacancy rate in suburban Chicago, making this a prime investment environment for office. Bridge’s proven blueprint provides long-term value for our tenants and strategic partners, and we look forward to creating a place where companies seeking top talent can truly thrive.”

Located less than 100 yards away from the O’Hare Transfer Metra Station that provides direct access to downtown Chicago, the OIC presents unparalleled connectivity. A new consolidated rental car facility under construction across the street, shuttle access to the CTA Blue Line and close proximity to both I-90 and I-294 also connect the office to the rest of the market.

Office spaces ranging from 2,600 to 28,900 square feet are currently available, with the first round of spec suites tentatively scheduled to deliver in the first quarter of 2019. Leasing at OIC will be led by Rob Lundin, John Clark and John Norris of Newmark Knight Frank.