Inspired by Somerset Scores Cambium’s Suburban Office Lease

Inspired by Somerset Development just landed a new tenant at its turnaround of the former AT&T office campus in Hoffman Estates, putting a small dent in suburban Chicago’s record-high vacancy rate.

Cambium Networks, a wireless networking company, signed a long-term lease for 35,000 square feet in the revamped former AT&T campus at 2000 Center Drive, northwest of the city, Crain’s reported.

CBRE brokers Andrew Kaplan and Jon Springer represented Cambium in the lease negotiations, while Colliers’ Steve Kling represented the landlord. Cambium, whose new CEO is Morgan Kurk, is relocating its headquarters from Rolling Meadows, where it occupies a similar amount of space at 3800 Golf Road. The Rolling Meadows property is also undergoing a $100 million office-to-industrial conversion after a lender filed a foreclosure lawsuit on the previous office landlord.

Inspired by Somerset paid $21 million in 2019 for the 150-acre former AT&T campus — now called Bell Works Chicagoland — with plans to spend $200 million in renovations. The firm’s vision was to turn the 1.6 million square feet of offices on the property into a “metroburb,” acting as an urban-like hub with places to work, dine, shop and live.

Giving the property a city-like feel has been crucial to Bell Works’ success, as a number of tenants have committed to the site since last year.

After the Cambium signing, more than 300,000 square feet in the office complex is now leased, pushing the occupancy rate above 60 percent on just the eastern half of the building. Other new tenants include digital advertising agency JumpFly and truck parts distributor Vipar Heavy Duty, leasing a combined 22,000 square feet.

Inspired still has plenty of work left at the site. The firm aims to convert a 13,000-square-foot domed area on a top floor into pickleball courts with an adjacent dining area. The landlord also plans to start the residential portion of the development by the end of the year, which is slated for 164 townhomes east of the office building, the outlet reported.

Inspired is also reaping the benefits of a favorable loan situation. In January, an Ottawa-based investor bought a $37 million loan that Zucker took out in 2019 to help fund the Bell Works project. Inspired has invested about $70 million in the property, but there’s a total of eight equity partners at Bell Works, including the investor who bought the loan, which alleviates pressure to pay off the loan when it comes due.

— Quinn Donoghue