Zeller Realty Closes Chicago-Area Lease Renewal, Expansion
- Nov 23, 2018
Zeller Realty Group’s Woodfield Preserve Office Center in Schaumburg, Ill., has seen robust leasing activity during the last quarter. One month after Assurance Agency relocated its headquarters to the campus, CBRE has represented the landlord in another transaction involving Byline Bank.
The tenant renewed its lease and expanded its office space to 34,200 square feet, with Tenant Advisors working on its behalf. Byline Bank has been an occupant at Woodfield Preserve for more than 10 years and has gone through several expansions since it first launched its office.
Located at 20 N. Martingale Road, the two-building property provides almost 600,000 square feet of office space and 10,000 square feet of retail. Zeller Realty Group bought the asset in 2016 from KBS Realty Advisors for $36.7 million, according to Yardi Matrix, and has added significant improvements since then. The list of amenities includes two fitness centers, game rooms, conference centers, Wi-Fi lounges, full-service delis with catering services, an outdoor courtyard with pergolas and fire pits, mother’s rooms as well as yoga and organic gardening classes.
The brokers involved in the transaction were Executive Vice President Bill Elwood and Senior Vice President Rob Graham of CBRE as well as David Ven Horst, partner and co-founder of Tenant Advisors.
Image courtesy of Yardi Matrix