Obsolescence Equals Opportunity_final (002)

Bell Works Chicagoland, Photo credit: Costar Group

The firm adapted its strategies to appeal to post pandemic era tenant needs and has since leased approximately 150,000 sf by designing a suite of fully built-out offices called “Ready to Wear” offices designed for smaller firms and startups. 29 Somerset has renovated approximately 400,000 sf along the eastern portion of the complex, while also adding a variety of new amenities including new public spaces, cafes, public walkways, a fitness center, a coworking area, and interior spaces used for hosting public events and galas. 30

Somerset’s Bell Works “metroburb” concept was initially borne from another redevelopment project the firm undertook in Holmdel, New Jersey. The firm, which focuses on large-scale, transit oriented and brownfield projects, transformed the former 2 million sf Bell Labs research facility into an experiential, urban downtown environment in the suburbs with a mix of office, housing, eateries, and retail. Built in 1959, and purchased in 2013 for $27 million, the property is now 97.3% leased to over 74 tenants according to CoStar property records.

29 “As Former Toys R Us Campus Awaits New Use, New Jersey Embarks on Transforming the American Office Park,” CoStar News, 8/11/2022. 30 "Bell Works Chicagoland, former AT&T campus in Hoffman Estates, lands more tenants as transformation continues,” Chicago Tribune, September 29, 2022.

40 | OBSOLESCENCE EQUALS OPPORTUNITY