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New Ownership Pursues “Multi-Strategy Value Add” with Schaumburg Office
Core Acquisitions plans to make substantial capital improvements to Chatham Centre, a 10-story office building it recently acquired in Schaumburg, IL. The $7-million repositioning is expected to be complete by year’s end.
“Our acquisition of Chatham Centre represents a multi-strategy value add investment,” said Adam Firsel, managing principal with Chicago-based Core. “The building has a stable, long-term existing rent roll, with the ability to lease up the existing vacancy to increase property income. Additionally, the existing vacant suites are some of Chatham’s most desirable spaces, with great views of the surrounding area and top building signage opportunities.”
The 205,000-square-foot Chatham Centre is currently 70% leased. Among the current availabilities is the entire top floor totaling approximately 20,000 square feet of space. Chatham Centre is also offering the building’s top signage rights to a large user.
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