Warrenville, Illinois

Named “Office Development of the Year” by the National Association of Industrial and Office Properties!

The Need
Northwestern Mutual Life Insurance Company (NML) was seeking high-quality real estate assets for its investment portfolio. NML’s investment criteria included multi-tenant office properties in suburban Chicago, but its long-term-hold strategy required long-term marketability, timeless design and quality construction.

The Assignment
A development and investment plan was created that responded to NML’s needs. The Cornerstone project in Chicago’s East/West Corridor sub-market featured perfect highway visibility and access. The 300,000 s.f. size matched NML’s investment size requirements, and the ability to phase construction reduced leasing and investment risk.

The Result
The project’s first phase was completed for Northwestern Mutual Life on-budget and achieved lease-up projections. The second phase was developed on a build-to-suit basis for a subsidiary of Commonwealth Edison. The development was named “2001 Office Development of the Year” by the National Association of Industrial and Office Properties and “2001 Build-to-Suit of the Year” at the Chicago Real Estate Awards Dinner.