Newmark announces the completion of a 47,716-square-foot lease on behalf of MISUMI USA at 1475 E. Woodfield (Schaumburg Corporate Center) in Schaumburg, Illinois. Newmark Senior Managing Director Paul Buckingham and Managing Directors Brian Reaney and Matt Frazee represented MISUMI USA in the transaction. MISUMI selected Newmark to assist in finding a North American headquarters facility more reflective of its world class brand and company culture. Newmark conducted a strategic analysis of options that would accommodate MISUMI USA’s requirements, and ultimately identified Schaumburg Corporate Center based on its central location, significant upgrades in amenities and efficient floorplates with flexibility to grow. Glenstar’s Dave Trumpy and Bill Saviski represented building ownership in the transaction.
“We are thrilled to be moving our North American headquarters to the beautifully redeveloped Schaumburg Corporate Center,” said Vice President of Human Resources for Misumi USA, Randy Yu. “Glenstar’s investment in the building has created what will be a second-to-none experience for our employees. We thank Glenstar for their commitment to the Schaumburg business community, and the Newmark team for their outstanding and steadfast partnership in helping us to secure such terrific office space,” Yu added.
“We are excited to have assisted MISUMI in the relocation of their North American headquarters to Schaumburg Corporate Center and to have secured an attractive deal structure that aligns with Misumi’s goals and objectives,” said Buckingham. “More and more tenants in the suburban markets are finding value in buildings’ existing conditions, or value engineering Tenant Improvement packages to further offset relocation and other capital costs. As construction costs increase, we see this trend continuing.”
Located adjacent to Woodfield Mall, Schaumburg Corporate Center is a one-million-square-foot, three-building, Class A office complex. Glenstar, who acquired the asset in 2017, has since completed a $30 million redevelopment of the property to include a new 500-car parking garage, a 10,000-square-foot state-of-the-art conference center as well as upgrades to the building’s common corridors, washrooms and elevators. In addition, Glenstar renovated the four-story atrium, fitness center, building lobbies, entrances and canopies.
Founded in 1988, MISUMI USA is a comprehensive and user-friendly resource for factory automation, press die and plastic mold applications. The company offers a cast selection of over 80 sextillion standard and configurable parts. MISUMI serves a wide variety of industries including automotive, medical manufacturing, consumer packaging, semiconductor and aerospace, among others. The company is relocating from 1717 Penny Lane, also in Schaumburg, where it leased 32,000 square feet.
MISUMI USA plans to take occupancy of its new space in June of 2020.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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