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Confidential Offering Memorandum confidential offering memorandum 1124 Tower Road, Schaumburg, IL Investment Services Group / September 2010 COLLIERS INTERNATIONAL 200 South Wacker Drive, Suite 700 Chicago, Illinois 60606 312-648-9150 main | 312-648-9149 facsimile COLLIERS INTERNATIONAL 6250 North River Road, Suite 11-100 Rosemont, Illinois 60018 847-698-8444 main | 847-698-8445 facsimile OFFERING MEMORANDUM DISCLAIMER This Offering Memorandum, which contains brief, select information pertaining to the business and affairs of the Property, has been prepared by Colliers International. This Offering Memorandum does not purport to be all-inclusive or to contain all of the information a prospective purchaser may desire. Neither Owner nor Colliers Internationanl nor any of their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of the Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. By acknowledging your receipt of this Offering Memorandum, you agree: 1) the Offering Memorandum and its contents are confidential; 2) you will hold and treat it in the strictest of confidence; and 3) you will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of Owner. Photocopying or other duplication is strictly prohibited. The Property and improvements described in the Offering Memorandum are being sold on an “As Is, Where Is” basis without representation or warranties. Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you do not wish to pursue negotiations leading to this acquisition, or if in the future you discontinue such negotiations, then you agree to return the Offering Memorandum to Colliers International. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date the Offering Memorandum was prepared. COLLIERS INTERNATIONAL TABLE OF CONTENTS Executive Summary Offering Summary 1 Investment Highlights 1 Terms of Sale 2 Property Overview Aerial Photographs 4 Exterior Photographs 6 Interior Photographs 7 Location Maps 9 Floor Plans 10 1124 Tower Road 13 Property Information 14 Property Description 15 Tenant Overview Tenant Summary 17 Lease Abstract 18 Area Overview Woodfield Regional Area Overview 21 Chicago Economic Overview 22 Market Overview Metropolitan Overview 28 Northwest Suburban Overview 28 Northwest Submarket Market Report 29 Surburban Office Submarket Map 30 COLLIERS INTERNATIONAL EXECUTIVE SUMMARY EXECUTIVE SUMMARY OFFERING SUMMARY Colliers International has been retained to offer for sale the 100% fee simple interest in 1124 Tower Road (the “Property”), a 43,070 square foot, single-tenant, net-leased office/flex building located in Schaumburg, Illinois. Prominently situated in the Woodfield Business Center, 1124 Tower Road was completely renovated and serves as the new corporate headquarters for Novaspect, Inc., a privately held engineering firm specializing in valve development and process management. OFFERING HIGHLIGHTS Long-term Lease - Fifteen year, seven month, triple-net lease that commenced January 1, 2010 and extends through July 31, 2025. Class A Renovation - 1124 Tower Road was originally built in 1982 and formerly occupied in its entirety by Hewlett-Packard. The recently completed renovation transformed the Property into a state-of-the-art office/flex facility comprised of 60% finished office space and 40% research/ development/light assembly. Total capital expended was $2.5 million or approximately $60 per square foot of which Novaspect contributed $1.5 million. Premier Location - Woodfield Business Center is situated along the south side of Interstate 90 (Jane Addams Tollway) between Meacham and Roselle Roads in suburban Chicago’s Golden Corridor. The planned development was created in a park-like environment including lakes, jogging trails, and wetland landscaping. The location offers superior access to the entire metropolitan area and both international airports. Institutionally Recognized Market - The Schaumburg/Woodfield Northwest Corridor is one of the four major submarkets of suburban Chicago with an inventory of office space approaching 31 million square feet. The Schaumburg submarket is defined as the preeminent corporate office destination due to the high density of executive housing and a thriving commercial corridor. Single-tenant, Net-leased Investment - Novaspect, Inc. leases the entire facility under a triple-net lease agreement that commenced January 1, 2010 and expires July 31, 2025. The annual net rent effective January 1, 2011 will be $439,314 or $10.20 per square foot. The lease provides for annual base rental increases of 2.0% throughout the term. High-Quality Tenant - Novaspect, Inc. provides engineering solutions, services, project expertise and technologies for complex valve process control requirements. They are a long- established and highly regarded firm in their field having commenced business in 1936. The company’s move to 1124 Tower Road accommodates growth needs, as they are doubling their space from the previous headquarters in Elk Grove Village, Illinois. P. 1 COLLIERS INTERNATIONAL OFFERING SUMMARY Address: 1124 Tower Road, Schaumburg, Illinois Rentable Area: 43,070 square feet Year Built: 1982 Year Renovated: 2009/2010 Number of Stories: One Percentage Leased: 100% Parking: 240 spaces, 5.6 per 1,000 SF OFFERING PROCEDURES Interested parties are asked to submit offers on or before October 22, 2010. A year-end closing is being targeted, therefore, we anticipate selecting a buyer and executing a purchase and sale agreement by October 31, 2010. Offers should reflect the following: Real Estate Taxes - Pro rated on a ‘cash basis’ for the calendar year of closing. Closing Costs/Seller – Standard title insurance endorsements, survey and Cook County and State of Illinois transfer taxes. Closing Costs/Buyer - Special title insurance endorsements and City of Schaumburg transfer taxes. CONTACT INFORMATION For further information, please contact: Brian P. Nagle Jerrod L. Wigal Executive Vice President Senior Associate 312-612-5935 direct 312-612-5937 direct 847-698-8265 direct [email protected] [email protected] Steven Kling Jason Simon Principal Associate 847-698-8256 direct 847-698-8531 direct [email protected] [email protected] Colliers International 200 South Wacker Drive, Suite 700 Chicago, Illinois 60606 312-648-9150 main | 312-648-9149 facsimile Colliers International 6250 North River Road, Suite 11-100 Rosemont, Illinois 60018 847-698-8444 main | 847-698-8445 facsimile P. 2 COLLIERS INTERNATIONAL PROPERTY OVERVIEW WOODFIELD MALL AREA SITE AERIAL P. 4 COLLIERS INTERNATIONAL | PROPERTY OVERVIEW SITE AERIAL P. 5 COLLIERS INTERNATIONAL | PROPERTY OVERVIEW EXTERIOR PHOTOGRAPH P. 6 COLLIERS INTERNATIONAL | PROPERTY OVERVIEW INTERIOR PHOTOGRAPHS P. 7 COLLIERS INTERNATIONAL | PROPERTY OVERVIEW INTERIOR PHOTOGRAPHS P. 8 COLLIERS INTERNATIONAL | PROPERTY OVERVIEW LOCATION MAP P. 9 COLLIERS INTERNATIONAL | MARKET OVERVIEW FLOOR PLAN – NORTH (OFFICE) P. 10 COLLIERS INTERNATIONAL | PROPERTY OVERVIEW FLOOR PLAN – SOUTH (WAREHOUSE) P. 11 COLLIERS INTERNATIONAL | PROPERTY OVERVIEW SITE PLAN P. 12 COLLIERS INTERNATIONAL | PROPERTY OVERVIEW PROPERTY OVERVIEW ASSET QUALITY AND DESIGN 1124 Tower Road was originally constructed in 1982 as a build-to-suit for a Hewlett-Packard call center. Following the expiration of the HP lease, current ownership acquired the vacant building and upon securing the Novaspect lease, embarked on a $2.5 million complete renovation. The Property’s total 43,070 rentable square feet is divided roughly 60/40 between the northern, office portion of the building and the southern, warehouse/light industrial space. The office portion consists primarily of perimeter offices surrounding an open office space of cubicles along with multiple conference rooms and work/server facilities. The southern portion of the building is predominantly warehouse space combined with a renovated break room and training facility, new washrooms and staging areas. LOCATION & SITE DESCRIPTION 1124 Tower Road is located in the northwest Chicago suburb of Schaumburg near the crossroads of Interstates 90 and 294. The local office market comprises suburban Chicago’s largest concentration of office space and is complemented by a significant presence of retail and hospitality space. Beyond the immediate Woodfield Mall area is a wide variety of residential options, ranging from upscale, executive level housing to middle-class working professional homes. 1124 Tower Road is located immediately northwest of the Woodfield Mall area. The Property sits on Tower Road between National Parkway and Meacham Road. The immediate area is populated by a variety of office, industrial and flex buildings, except for the pond located adjacent to the west side of the building. The Property is visible from I-90, a major transportation artery in the Chicago Metropolitan area connecting O’Hare International Airport and the Chicago CBD. Motorists also have rapid access to I-294, located seven miles east via
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