Draft:Bell Works Chicagoland

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History

Originally built to serve as the AT&T global headquarters, the 1.62 million-acre campus first opened in 1989. The facility, which eventually grew to house 5,000 AT&T employees, consisted of a 1.3 million-square-foot, four-story building, a 280,000-square-foot, six-story building and a single-story 40,000-square-foot building. Each of the property’s buildings was envisioned and designed by architect Dirk Lohan whose notable projects include the New National Gallery in Berlin as well as several iconic Chicagoland landmarks including the Chicago IBM office building, McDonald's former Corporate Headquarters campus in Oak Brook, the John G. Shedd Oceanarium and the Soldier Field stadium expansion and renovation.

The state-of-the-art property featured naturally lit atriums, granite balconies, 10-foot ceilings, and more than 4,000 parking spaces including on-site covered parking for up to 1,675 vehicles. The campus also included walking paths and direct access to the adjacent 1,800 acre county forest preserve.

In 2005, Oak Brook-based Inland American Real Estate Trust bought the property for $338.1 million, and Highlands REIT, a Chicago-based real estate investment, assumed ownership of the property.

In 2013, AT&T announced its plans to vacate the campus and relocate its 3,000 employees to other locations in the Chicagoland area. Despite its departure from the three buildings, AT&T continued to pay rent on the property to Highlands up until the expiration of its lease on August 15, 2016. Highlands, which carried $115.8M in debt on the property, was unable to find a new tenant, and with no incoming revenue, failed to make payments on its mortgage. In September of 2016, U.S. Bank filed a $131.8 million foreclosure complaint against Highlands.

The Transformation from AT&T to Bell Works Chicagoland

In 2017, New Jersey-based developer Inspired by Somerset Development (Inspired) was contacted by the Village of Hoffman Estates to discuss the possibility of reimagining the building and recreating a "metroburb”—a self-contained metropolis in suburbia— at the abandoned AT&T campus. After touring the property in Hoffman Estates, Inspired CEO Ralph Zucker saw an opportunity to replicate the success of Bell Works New Jersey at the now vacant AT&T campus, which, due to its size, was considered unsuitable for any single tenant.

Inspired had achieved acclaimed success with the redevelopment of the former Bell Labs site in Holmdel, NJ, into the first-ever metroburb, which transformed the abandoned Bell Labs from a sprawling, but crumbling R&D campus to a modern mixed-use hub of office, retail, arts, culture, wellness, hospitality, and more for the community near and far. With access to the multitude of benefits traditionally associated with an urban ecosystem (shops, dining, entertainment, workspaces, etc.), the 2 million-square-foot Bell Works New Jersey Campus is now 99% occupied.

In 2018, Hoffman Estates rezoned the site for a mixed-use commercial property designation to accommodate Inspired's vision for a community hub.

The $200 million concept plan called for 1.2 million square feet of offices, 60,000 square feet of retail and restaurant space, and 80,000 square feet of conference space in the existing buildings. The new construction would also add 379 apartments, 171 townhouses and a hotel. Hoffman Estates also created a tax-increment financing district to help with the redevelopment of the property, which is eligible for up to $115.8 million in TIF assistance for designated projects.

In March 2019, Inspired finalized the acquisition of the three-building, 1.65-million-square-foot campus from C-III Asset Management, which had taken over ownership of the property from Highlands in April 2017 in a joint venture with Bear Stearns Commercial Mortgage Securities Trust 2006-PWR11.

Inspired design firm npz studio+ and architectural firm Alexander Gorlin Architects led the redevelopment of Bell Works New Jersey and began Phase 1 renovations on the eastern portion of the main building located at 2000 Center Dr., which comprised approximately 450,000 square feet for office, flexible and coworking space.

When designing the Bell Works Chicagoland interiors, Paola Zamudio, Bell Works Creative Director & Lead Designer at npz studio+ was influenced by the biophilic design movement, which combines urbanism, evolution and technology with the natural environment.

Bell Works Chicagoland followed the model set by Bell Works New Jersey, which aimed to set the precedent for the future of the modern office by mixing retailers and office tenants within the same building. While the overall office sector faced serious headwinds following the COVID-19 pandemic, both metroburbs experienced continuous leasing traction with this variety of tenants.

Leasing and Property Momentum

In 2021, Bell Works Chicagoland welcomed its first corporate tenant —CPA Advisors Group, Inc.—to a 1,500-square-foot “ready-to-wear” office. Shortly after, the property’s first long-term lease, a 12-year deal for 22,000 square feet, was inked with Platinum Home Mortgage. In 2022, industrial waste management and environmental services provider Heritage Crystal Clean signed an 11-year lease for 39,000 square feet of office space, which was closely followed by a 52,000 square feet lease signed by marketing company Club Colors.

Over the span of 60 days, the metroburb welcomed more than 80,000 SF of commercial leases, including a new headquarters for international wireless solutions provider Cambium Networks Worldwide and office space for digital advertising agency JumpFly; North America’s leading network of independent aftermarket truck parts distributors and service providers, VIPAR Heavy Duty Inc.; and plastic and fiber products supplier Essentra Components.

Bell Works Chicagoland is currently being developed to bring an urban downtown environment to a suburban setting. This vision aims to create a tenant ecosystem that is meant to promote connection and collaboration. “The Block,” a ground-floor “pedestrian street” houses a robust selection of amenities, including a full-service bar and cafe Fairgrounds World's Fair, as well as two fitness centers, and Colab, the on-site coworking facility. “The Squares” at Bell Works complement The Block and provide visitors with gathering places to connect.

In February 2023, the Village of Hoffman Estates granted approval for 164 high-end townhouses, which will begin Bell Works Chicagoland’s residential component. The board also granted preliminary approval to a concept plan for about 300 apartments to follow on the same nearly 20-acre site.

The luxury townhouses will include three bedrooms and an option for a fourth. Each unit will have three floors, with a two-car garage on the ground floor and the living areas above. Construction is expected to start in Spring 2024 with the first deliveries by Spring 2025.

The addition of on-site residences is the next phase of Zucker’s strategy to co-locate mixed-use public/private spaces that are adaptable to a community’s needs.