Bridge Investment Group’s Subsidiary (Bridge Office Fund Manager LLC) Acquires O’Hare International Center Office Complex in Rosemont, IL

O'Hare International Center, Rosemont, IL

Brian Tretinik

ATLANTA, GA  – Bridge Investment Group’s Office Division announced today the acquisition of O’Hare International Center (“OIC”), a pair of nine-story Class-A office towers adjacent to O’Hare International Airport in Rosemont, IL totaling 517,640 square feet of premier workspace and located in the heart of Chicago’s top urban-suburban office submarket. 

OIC offers close proximity to hotels, retail, restaurants and entertainment. OIC also presents unparalleled connectivity, with the O’Hare Transfer Metra Station less than 100 yards away that provides direct access to downtown Chicago, the new Consolidated Rental Car Facility located across the street that will provide direct tram connection to O’Hare International Airport and the CTA Blue line, a shuttle providing access to the Chicago Transit Authority Blue Line, and easy access from both I-90 and I-294 to an 1,800+ parking facility.

Rob Lundin

More than $5 million in capital improvements are planned for the campus, including significant cosmetic renovations to both lobbies, a new tenant amenity lounge connected to new outdoor amenity space, next-generation spec suites, conference center, as well as modernized corridors, restrooms, and elevators. Renovations are expected to begin in mid-October.

Originally built between 1984 and 1987, O’Hare International Center is currently 83 percent occupied. 

The property has undergone nearly $4 million in renovations since 2012, with a new state-of-the-art fitness center and upgrades to the 1,800+-space parking deck among the recent improvements. 

Across the street, the airport is in the final stages of building a new nine-story, intermodal facility that will house all long-term parking and rental cars and offer a direct connection to the CTA Blue Line. 

John Clark

The campus is also adjacent to the Sheraton Chicago, The Holiday Inn & Suites, and the popular Harry Caray’s Italian Steakhouse.

 “The repositioned O’Hare International Center will be a vibrant workplace campus that blends urban-style amenities and entertainment with the suburban convenience and affordability that appeals to today’s workforce,” said Brian Tretinik, Managing Director with Bridge Investment Group.

“The O’Hare submarket is home to several Fortune 500 companies and currently boasts the highest Class-A rents and lowest vacancy rate in suburban Chicago, making this a prime investment environment for office. 

Bridge’s proven blueprint provides long-term value for our tenants and strategic partners, and we look forward to creating a place where companies seeking top talent can truly thrive.”

John Norris

 Rosemont is known for a strong base of Class-A users and is home to many regional, national and global headquarters such as World Kitchen, True Value, The Big Ten Network and US Foods.

The surrounding area also boasts the 840,000-square-foot Donald E. Stephens Convention Center, The Rosemont Theatre and 530,000 square feet of high-end retail at the Fashion Outlets of Chicago.

 The newly opened Pearl District, a mixed-use development that includes a Dave & Buster’s and a soon-to-open boutique hotel, is also located nearby.

 The acquisition follows Bridge’s recent purchase of the 32-acre Lenox Park office campus in metro Atlanta, bringing the firm’s year-to-date total to nearly 4 million square feet of office space closed nationally.

Office spaces ranging from 2,600 to 28,900 square feet are currently available, with the first round of spec suites tentatively scheduled to deliver in 1Q2019. Leasing at O’Hare International Center will be led by Rob Lundin, John Clark, and John Norris of Newmark Grubb Knight Frank.

Contact:

Nick Banaszak

The Wilbert Group

nbanaszak@thewilbertgroup.com