Real Estate
Lee & Associates of IL Sells Class A Office Building for $3.52M
Located in Schaumburg, near the Woodfield Mall, the National India Hub Foundation Planning Conversion to Community Center.
Rosemont, IL — October 26, 2023 — Lee & Associates, one of the largest national commercial real estate providers, successfully negotiated the $3.52M sale of a 106,380-SF, five-story office building at 930 National Parkway in Northwest Suburban Schaumburg, IL.
The Class A office property is located adjacent to Woodfield Mall and was originally built in 1989 for Cellular One and subsequently occupied by Cingular and AT&T.
Tony Russo, Senior Vice President, and Ryan Freed, Vice President, at Lee & Associates represented the seller, Somoha, LLC. The buyer, National India Hub Foundation (a national Indian-American organization focused on local community outreach and volunteering), was self-represented. National India Hub Foundation is planning to convert the property to a multi-purpose community center to help unite and celebrate its culture. The facility will include a charity clinic, conference rooms, indoor sports center, auditorium, donation center, event space and more.
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According to Russo, “In today’s unprecedented commercial office market, out-of-the-box thinking is required to re-purpose some of the existing office buildings. National India HUB Foundation is a perfect example of this strategy. Bringing unique tenants to traditional office spaces will also help the overall office market to recover from all-time high vacancy rates.”
About Lee & Associates
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Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog. For more Lee & Associates of Illinois happenings, connect with us on LinkedIn, Twitter and Instagram.
