Stonemont Financial lists office complex at old Motorola HQ for $100M: report

Stonemont Financial is selling the last two office buildings Motorola Solutions occupies at what had been the telecommunications company’s massive corporate campus in Schaumburg. That sprawling property is now being transformed into a mixed-use development.

Stonemont is said to be seeking around $100 million for the two-building complex that totals about 500,000 square feet, according to Crain’s. A price has not been made public. Real Estate Alert first reported on the listing.

If completed at that price, the deal would pencil out to about $200 a foot, one of the most expensive in the suburban office market, Crain’s reported.

Motorola still has nine years left on its lease at 2000 and 2100 Progress Parkway, for which it pays nearly $7 million in rent a year, Crain’s reported, citing JLL marketing materials. The rent rises 1 percent a year.

Developers plan to convert the 225-acre former Motorola campus into a retail, hotel, senior living and entertainment hub. There will also be an added office portion.

Oak Street Real Estate Capital paid $80 million for the two-building property from Motorola four years ago in a sale and leaseback, according to the report. Just before selling, Motorola spent millions on renovations. A short time later, Oak Street sold the office buildings to Stonemont, part of a massive $1.3 billion portfolio sale involving scores of properties.

In March, Stonemont sold a Topgolf-leased building on Progress Parkway for $50 million. The deal came four months after the sports entertainment chain opened the 65,000-square-foot building at the former campus. Phoenix-based Vereit acquired that three-story property. [Crain’s] — Alexi Friedman