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Ralph Zucker's Inspired By Somerset Development Secures 86,000 SF Office Leases In Hoffman Estates

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LEASED

Illinois

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Office86,000 SF
Leased 06/28/2024
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Property Image
LEASED

Ralph Zucker's Inspired By Somerset Development Secures 86,000 SF Office Leases In Hoffman Estates

2000 Center Drive

See Similar Deals
Office86,000 SF
Leased 06/28/2024

Summary

ILLINOIS
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:86,000 SF
Transaction Type:Lease

The office property located at 2000 Center Drive in Hoffman Estates has been leased out for a total of 86,000 square feet. The landlord, Ralph Zucker, of Inspired by Somerset Development, facilitated the leasing of the asset to three tenants - Convergint, First Service Residential, and Identiti.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not Applicable
  • Address: 2000 Center Drive
  • Market: Hoffman Estates
  • Landlord: Ralph Zucker - Inspired by Somerset Development
  • Tenants: Convergint; First Service Residential; Identiti

Convergint has secured the largest portion of the lease, occupying 50,000 square feet within the office space. The other tenants, First Service Residential and Identiti, will also be relocating to the metroburb as part of the significant achievement attributed to Inspired by Somerset Development's redevelopment efforts at Bell Works Chicagoland in Hoffman Estates.

Details

LEASED
IMAGE: Ralph Zucker DATE: 06/28/2024 ADDRESS: 2000 Center Drive MARKET: Hoffman Estates ASSET TYPE: Office ~ SF: 86,000 LANDLORD: Ralph Zucker - Inspired by Somerset Development (@Inspired_SDNJ) TENANT: Convergint; First Service Residential; Identiti NOTE: Inspired by Somerset Development's redevelopment efforts, Bell Works Chicagoland in Hoffman Estates has secured three major office leases totaling 86,000 square feet. Convergint anchors the leases with 50,000 square feet, joined by First Service Residential and Identiti relocating to the metroburb, marking a significant achievement amid suburban office market challenges.

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Effective Rent (Annual)

$4,929,468.10

Total Lease Value

$49,294,681.04

Net Landlord Cash Flow$4,929,468.10