Schaumburg Motorola Campus Changes Hands
- Aug 03, 2016
By Ioana Neamt
The joint venture partners have purchased five parcels of land totaling 225 acres and nearly 1.8 million square feet of office, warehouse and light industrial space. The new owners will work alongside the Village of Schaumburg in the following six months to determine the best uses for the campus, which may include multifamily, retail, hospitality and office space.
According to the Daily Herald, Motorola will keep approximately 1,600 workers in two existing buildings on campus that are currently being remodeled. Motorola sold a portion of the campus to Zurich North America a few years ago, and sold another 47-acre piece to Oak Street Real Estate Capital back in May.
“After many months of a diligent process, we are extremely pleased to have been selected by Motorola as the purchaser for this storied property,” Bob Burk, managing partner at UrbanStreet Group, said in a statement. “Over the past several years, we have worked closely and cooperatively with the leadership of the Village of Schaumburg, and we look forward to continuing and expanding that relationship on this project.”
Rendering courtesy of Clayco