Sovereign Partners selling Schaumburg office buildings for $60M

At 86% leased, the 2 properties are far above the market average

May.May 23, 2018 10:00 AM
Sovereign Partners is selling Centennial Center and Two Century Centre in Schaumburg

Sovereign Partners is selling Centennial Center and Two Century Centre in Schaumburg (Credit: JLL and Google Maps)

Sovereign Partners is selling two Schaumburg office buildings near Woodfield Mall shopping center.

The New York-based firm is seeking a total of $60 million for Two Century Centre, 1700 East Golf Road, and Centennial Center, 1900 East Golf Road, a source told Crain’s.

Sovereign bought the 11- and 13-story buildings for $38 million in October 2013, according to Cook County property records. It financed the deal with a $27 million loan and spent $1.7 million on upgrades. The firm then refinanced the buildings in August 2014 with a $42.5 million loan, records show.

The properties are a combined 86 percent leased, according to a marketing flyer from HFF, far above the 69 percent average for the northwest suburban market at the end of the first quarter.

The market has a number of large vacant campuses, including the former GE Healthcare headquarters in Barrington and Motorola Solutions property in Schaumburg, though there’s growing hope for the latter as village officials develop a plan to turn it into a dense, urban-like development.HFF brokers Bryan Rosenberg and Pat Shields are listing the buildings for Sovereign. [Crain’s]John O’Brien

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