American Landmark Properties has acquired Schaumburg Towers, an 882,071-square-foot class A office property located at 1400 and 1450 American Lane in Schaumburg, Ill.
American Landmark Properties acquired the property from Retail Properties of America for an undisclosed amount.
Schaumburg Towers consists of two 21-story office buildings connected at their base by a three-story atrium building, and two five-story parking garages. The property — nearing completion of an 18-month-long, $10 million capital improvement program — has been enhanced to attract a modern workforce. The high-end improvements include a state-of-the-art fitness center, new upscale cafeteria with casual dining, Wi-Fi lounge, conference center, outdoor plaza and amphitheater capable of hosting all-hands meetings.
Since the twin office towers were vacated in 2016, over 400,000 square feet of new leases have been signed, including significant transactions with major tenants Paylocity, Great American Insurance and SwissRE.
