Franklin Partners, Bixby Bridge Acquire IL Office Asset
- Apr 26, 2018
Franklin Partners and Bixby Bridge Capital have expanded their Midwest office portfolio by purchasing the former OfficeMax headquarters in Naperville, Ill. The partners plan to redevelop the building into a multi-tenant asset and for this purpose, the owners tapped Wright Heerema Architects to conduct the design work. The firm is expected to begin the project later this year and bring it to completion by early 2019. Colliers International will be conducting the leasing efforts.
The 350,000-square-foot building is located at 263 Shuman Blvd., off Interstate 88. It was initially developed in 1987 for AT&T and went through cosmetic renovations in 2006. The last owner, Office Depot’s OfficeMax, relocated from the building in 2013 and since then the owners were unsuccessful in finding a replacement.
According to Yardi Matrix data, the previous owner, Columbia Property Trust, had to turn over ownership to U.S. Bank last year as it was not able to meet the payments on the $49 million mortgage loan. The office asset had previously been in foreclosure twice, in 1997 and 2003.
A development for Millennials
The new owners and architect are planning to turn the property into a state-of-the art, “Millennial workforce-friendly destination.” Their vision is to “bring Fulton Market to Naperville” as highlighted by Roger Heerema, principal at the architecture firm. The changes that are going to be implemented include redesigning the atrium with a grand staircase and stadium seating, creating co-working lounges and creating a bright, open lower level space that will feature baristas, a market-style deli and a fitness center.
“Contrary to popular belief, there are plenty of suburban Millennials—and they are beginning to demand the same types of workplace amenities as their more urban counterparts,” added Heerema in a prepared statement.
Image courtesy of Yardi Matrix