To learn more about Oakmont Point and to view the conceptual renderings, site plans and animation video, visit www.OakmontPoint.com.
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Ryan Companies US, Inc. has completed the acquisition of 700 Oakmont Lane in Westmont, Ill., establishing the foundation for what is being marketed as Oakmont Point and will become a premier, urban-style office complex in the western suburbs. Ryan acquired the existing 18-acre office complex from Lexington Group for an undisclosed purchase price.
Ryan Companies estimates that, inclusive of the land acquisition costs, the value of the new development could exceed $35 million. To kick off marketing efforts for the newly announced Oakmont Point, Ryan Companies has launched a website (www.OakmontPoint.com) that features development details, architectural renderings and a video animation to showcase its vision for the redevelopment.
Ryan’s vision for Oakmont Point, based on a shortage of new construction opportunities and appropriately positioned sites in the western suburbs, is to develop a multi-building office complex that could accommodate up to five corporate users with space requirements ranging from 25,000 to 275,000 square feet of space, along with 200 indoor parking stalls and abundant surface parking. As it now exists, the property is a single three-story office building totaling approximately 275,000 square feet of space.
“The real advantage and marketability of this opportunity is the inherent flexibility it offers,” said Jim McDonald, Vice President of Development, Ryan Companies US, Inc. “We have the ability to take our broader vision for Oakmont Point and shape it according to a single corporate headquarters facility, or a series of them with varying space requirements.”
McDonald noted that the eastern segment of the East-West Corridor market lacks a sufficient supply of modern, Class A office space.
According to Curt Pascoe, Director of Development, Ryan Companies US, Inc., the company’s plans will take shape by razing portions of the existing structure to create floorplates typical of modern Class A space. Remaining buildings will be completely gutted to the concrete structure to allow for all-new, efficient mechanical, electrical and plumbing systems reflecting tenant needs of the future.
The entire building envelope will be removed and replaced to upgrade energy efficiency and dramatically increase glazing while renewing the architectural design. Across the street, an additional five-acre lot is available for up to 110,000 square feet of build-to-suit space as part of the larger campus or for a separate user.
In addition to owning the property, Ryan also will provide development, design-build and real estate management services. Ryan A+E, Inc., the award-winning, in-house architecture and engineering division of Ryan Companies, has created the aesthetic vision for Oakmont Point. Bill Elwood, Executive Vice President, CBRE, along with his colleague Tara Torbik, an Associate at CBRE, are marketing Oakmont Point for Ryan Companies.
The marketing team believes a number of the development’s features will resonate with prospective users: the modern, urban feel combined with a traditional suburban park setting; suburban efficiency of loading, flexibility and size of floor plates; outdoor amenities including a 3.6-acre pond and large patios; and above-market parking ratios up to 7:1,000 if needed. In addition to ample surface parking that is necessary for high-density office tenants, Oakmont Point will offer approximately 200 executive, underground spaces.
“What Ryan A+E has done in designing Oakmont Point is very impressive,” Elwood said. “They have created today’s urban-style ‘cool’ factor in a market that is proliferated by ‘80s-style architecture. Over the years several owners and developers have tried to make the site and the development work. Ryan’s vision and solution creates a great blueprint for corporate users.”
For leasing information about Oakmont Point, please visit www.OakmontPoint.com, or contact brokers Bill Elwood, CBRE, at (630) 573-7033 or email@example.com, or Tara Torbik, CBRE, at (630) 573-7822 or firstname.lastname@example.org.
According to CBRE’s year-end office market report, the overall vacancy in the East-West Corridor is 17 percent. Tenants looking for contiguous blocks of space of 50,000 square feet or more have only two legitimate options in the desirable eastern portion of the market. That portion of the market includes Westmont, Westchester, Oak Brook and Oakbrook Terrace.
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, builder, capital investment consultant, and real estate manager. Ryan’s market depth includes retail, industrial, healthcare, and senior living, with development and corporate build-to-suit work spanning office, mixed-use, hospitality, multifamily housing and mission critical facilities. With a focus on bringing lasting value to its customers and the communities in which it works, Ryan has nearly 1300 employees in 13 offices and has completed projects in 40 states. For more information, visit ryancompanies.com.