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From
https://www.dailyherald.com/news/20230421/developer-of-elk-grove-tech-park-has-big-plans-for-rolling-meadows-office-center
Developer of Elk Grove tech park has big plans for Rolling Meadows
office center
*
The $100 million Rolling Meadows Commerce Center, or RMC², would
have some 600,000 square feet of industrial space across 40 acres at
the Jane Addams Tollway and Route 53. Courtesy of City of Rolling
Meadows
Posted4/21/2023 5:30 AM
A prominent Rolling Meadows corporate office center that recently went
into foreclosure has been acquired by the Rosemont-based developer of
the Elk Grove Technology Park.
The Atrium Corporate Center -- once the home of AT&T, 3Com, a Capital
One call center, and where the Federal Aviation Administration a year
ago inked a lease to relocate its regional headquarters -- now is under
the ownership of Brennan Investment Group. That transaction closed
Wednesday, resolving the pending foreclosure proceeding against San
Francisco-based Spear Street Capital, said Glen Cole, Rolling Meadows'
assistant city manager and community development director.
Brennan, which broke ground on the massive $1 billion, 85-acre Elk Grove
tech park in 2018, is planning a similar yet half-sized concept after it
demolishes the three-story, 485,000-square-foot, mostly-vacant office
building at 3800 Golf Road in Rolling Meadows. The property is at the
intersection of two major highways.
Called Rolling Meadows Commerce Center, or RMC², the 40-acre site near
the Jane Addams Tollway and Route 53 would feature some 600,000 square
feet of industrial space across two buildings. With an investment of
more than $100 million, it would be one of the larger projects in
Rolling Meadows in recent years.
"This new development demonstrates that we are a community that supports
thoughtful and strategic development that will strengthen our economic
base by creating hundreds of new jobs and hundreds of millions of
dollars in investment in our city," Mayor Joe Gallo said Thursday in a
joint announcement with Brennan. "We are excited to welcome Brennan to
our community and look forward to seeing this project come to life."
Cole said Brennan doesn't yet have any letters of intent with
prospective tenants, but the company said it would target a wide variety
of end users including manufacturers, distributors and data centers.
There's no set timeline for construction, but officials said it would
happen in the next few years. Brennan first must submit a formal
application with the city, unwind the site's old zoning entitlements,
and go through the city review and approval process for a new planned
development, Cole said.
The developer hasn't made any requests for incentives, he added.
Kevin Brennan, the firm's managing principal, didn't respond to a
request for additional details.
"This location is unmatched in terms of its logistical advantages via
the confluence of interstate systems, its access to a large and diverse
workforce, and its proximity to best-in-class amenities, including
restaurants, hotels and shopping," Brennan said in the news release.
Details of the property transaction or financial terms weren't disclosed.
The acquisition comes three months after New York-based Ares Commercial
Real Estate Management filed the foreclosure action in federal court,
alleging Spear Street and its partners defaulted on the $41.9 million
loan they took out in December 2019 -- just before the onset of the
pandemic.
As recently as last year, the Atrium was being marketed for lease, with
brochures boasting of its large and efficient floor plates, flexible
workspaces, oversized windows, 332-seat auditorium, 17,000-square-foot
fitness center, cafeteria, and atrium lobby of 37-foot ceilings that was
recognized by the American Institute of Architects in 2002.
In April, Spear Street secured a long-term lease with the FAA to move
the federal agency's longtime regional headquarters in Des Plaines to a
116,000-square-foot office at the Atrium.
"It was a large property available on the market that was in financial
distress," Cole said. "It's a challenging real estate market out there.
Office everywhere is struggling. Rolling Meadows certainly has plenty of
class A and class B office to go around. ... The problems aren't unique,
but the investment, the pivot, being able to make transformations like
this happen -- I think that's the unique part."
On 4/21/2023 9:44 AM, Josh Luthman wrote:
Bullshit paywalls.
https://12ft.io/proxy?q=https%3A%2F%2Fwww.dailyherald.com%2Fnews%2F20230421%2Fdeveloper-of-elk-grove-tech-park-has-big-plans-for-rolling-meadows-office-center
On Fri, Apr 21, 2023 at 10:31 AM Nate Burke <[email protected]
<mailto:[email protected]>> wrote:
Looks like Cambium is losing their Chicago office as the building is
getting demolished. Hopefully they can find a location just as nice.
On my last tour, they said that when they moved in, the lab space was
basically already setup for them since USR was the previous tenant.
https://www.dailyherald.com/news/20230421/developer-of-elk-grove-tech-park-has-big-plans-for-rolling-meadows-office-center
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