New Development Firm Acquires 156,000-SF Office Building in Schaumburg, IL
Tandem Development Group, a newly formed commercial real estate development company, closed on the purchase of 300 N. Martingale Road in Schaumburg, Ill. The purchase price was $16.1 million or $103.61 per square foot. In addition to the acquisition, PromoWorks, a marketing services company headquartered in Schaumburg, finalized a 10-year lease at 300 N. Martingale Road totaling 60,000 square feet. The deal brings the total occupancy of the building to 97 percent.
Schaumburg, IL (PRWEB / PRWEB) January 12, 2007 -- Tandem Development Group, a newly formed commercial real estate development company, closed on the purchase of 300 N. Martingale Road in Schaumburg, Ill. The purchase price was $16.1 million or $103.61 per square foot.
In addition to the acquisition, PromoWorks, a marketing services company headquartered in Schaumburg, finalized a 10-year lease at 300 N. Martingale Road totaling 60,000 square feet. The deal brings the total occupancy of the building to 97 percent.
"PromoWorks has experienced year over year exponential growth, and with one year remaining on our lease we found ourselves bursting at the seams in our old building. Working with Tandem, they found the perfect location for our expanding marketing services company - a premium space with plenty of room for our employees and our dynamic culture to thrive," said Mike Kent, CEO of PromoWorks. "Thanks to Tandem, PromoWorks will also have exceptional brand visibility with exterior building signage along one of the northwest suburbs' busiest arteries."
Tandem Development Group is a collaboration of former CenterPoint Properties Chief Investment Officer and Chief Operating Officer Paul Ahern and construction industry leader Leopardo Companies, Inc.
The buyer, Tandem Development Group, was represented by the CB Richard Ellis team of Jack Reardon and Mark Smith. The seller, JP Morgan Investment Management Inc., was presented by Paul Lundstedt, executive director at Cushman & Wakefield. Permanent financing was arranged by John Clifford and Tim Noonan of LJ Melody. The permanent loan was provided by Goldman Sachs.
300 N. Martingale is a 156,000-square-foot "Class A" office building in Schaumburg, Ill. The eight-story building is located in the heart of Woodfield Corporate Center at the intersection of Route 72 (Higgins Road) and I-290. Campus amenities include covered parking for all employees, 24-hour on-site security, fitness center, deli, dry cleaner, flower shop, hair salon, full-service restaurant and bank.
"As an illustration of our ever changing real estate investment market, this is the first time there have been individual private owners of a building on Martingale Road in Schaumburg, considered the northwest suburban office market's premier corporate office park," said Paul Ahern, principal at Tandem Development Group.
About Tandem Development Group
Tandem Development Group LLC, based in Hoffman Estates, Ill., is a full-service commercial real estate development company specializing in office, industrial, retail, healthcare and mixed-use projects. Tandem Development Group - a collaboration of former CenterPoint Properties Chief Investment Officer and Chief Operating Officer Paul Ahern and construction leader Leopardo Companies, Inc. - has a depth and breadth of expertise to offer total turnkey development solutions for our clients.
About PromoWorks
PromoWorks, a marketing services company headquartered in Schaumburg, Ill, is the nation's respected leader of in-store sampling and retail-entertainment, events, and promotions. Representing more than 400 consumer brand manufacturers, PromoWorks regularly designs and executes consumer promotions nationally in the grocery, mass merchant, drug, convenience, home improvement, and specialty classes of trade. Known for leadership through innovation, PromoWorks brings continuous improvement processes with proprietary technology, products, and services. Clients rely on PromoWorks' experience, industry knowledge, accountability, and National Trade Group to raise the ROI of their promotion dollars.
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See the original story at: http://www.prweb.com/releases/2007/01/prweb496967.htm
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