Astellas Headquarters Development Wins Two Awards News Release
GlenStar Properties’ development of the new North American headquarters for Astellas is the recipient of two prestigious awards.
On November 17, 2011, the development was honored as Office Development of the Year at NAIOP Chicago’s 24th Annual Awards for Excellence at the Sheraton Chicago Hotel and Towers. The awards, which support the Children’s Memorial Foundation, were presented in fourteen different development and transaction categories.
Then, on April 5, 2012, the development was named build-to-suit project of the year at the 24th Annual Chicago Real Estate Awards. The awards were announced at an annual dinner at the Hyatt Regency Chicago, which raised money for the Greater Chicago Food Depository. Awards in 14 additional categories were presented.
This 440,000-square-foot trophy development in Glenview, Illinois consists of two distinctive buildings that offer Astellas, a pharmaceutical company based in Japan, the advantages of an efficient custom-designed facility and a highly visible site along the tollway. The development breathes new life into the site formerly occupied by Culligan International Company. Additionally, this project brings 1,000 jobs to Glenview and keeps Astellas’ North American headquarters, and the corresponding jobs, in the Chicago area. The total project cost was $150 million.
The Astellas development created a winning situation for both Astellas and GlenStar. Astellas purchased, rather than leased, the land, while GlenStar developed the project for Astellas. This arrangement allowed the project to move forward without outside financing and gave Astellas lower costs and more certainty, while providing GlenStar a catalyst for the mixed-use project planned for the remaining adjacent 31 acres. With Astellas as the owner and sole occupant of the development, any concerns about leasing and occupancy were alleviated.
The developers were able to take advantage of the difficult market conditions and significant buying power to reduce the construction costs. Estimate savings on the core/shell and interior build-out was roughly 20% less than the buildings would have cost during the peak. Thanks to the lower costs, Astellas was able to afford a trophy-style design, a world-renowned architect, Goettsch Partners, and interiors designed by SmithGroup.
The development was also designed with sustainability in mind and expects to achieve LEED-NC Gold certification in 2012. The project incorporates a geo-thermal field, structured parking below the buildings and a connected parking deck. Amenities include fitness center, conference center, employee cafeteria and exterior terrace for special events.
MB Real Estate, who served as Owner’s Representative on the Astellas development, was honored with Glenstar Properties at both events.