Sovereign Partners Seeking $60M Bids For Schaumburg Office Properties
New York-Based Sovereign Partners is looking to capitalize on the increased investor interest in north and northwest suburban office real estate. The firm is seeking $60M bids for two Schaumburg office properties it acquired in 2013, Crain's Chicago Business reports.
Sovereign bought the buildings at 1700 and 1900 East Golf Road for $38M in October 2013, according to Cook County records. The properties were refinanced a year later, and Sovereign has executed a $1.7M capital improvement program to upgrade the assets' amenities and leased 275K SF to new tenants since acquiring the buildings. New amenities include an upgraded fitness center, conference rooms and putting greens.
HFF, which is marketing the properties, highlights the location as a main draw for investors. The buildings are across the street from Woodfield Mall and near the four-way interchange of Interstate 90 and Highway 53/I-290. The buildings sandwich the Hyatt Regency Schaumburg, which makes them an appealing destination for business travelers.
Schaumburg's office market is a budding center of investor interest. American Landmark Properties bought Zurich North America's former headquarters for $86.7M in January. GlenStar Properties' $28M renovations at Schaumburg Corporate Center is the largest office repositioning in the northwest suburbs. The redevelopment of Motorola Solutions' Schaumburg campus aims to bring downtown density to the market.
