Press Releases


<i>Redevelopment of former manufacturing space adds 130,000 square feet of office space</i> <p><b>CHICAGO, IL. - (March 25, 2009) - </b>BPG Properties, Ltd. (BPG), one of the nation’s leading private equity real estate fund managers, recently completed $13 million of capital improvements at Tallgrass Corporate Center in Bolingbrook, Ill., including the creation of 130,000 square feet of Class A office space from former manufacturing space.</p> <p>“Tallgrass has earned a reputation as the premier office location in the I-55 corridor,” said Joseph Neverauskas, senior vice president of BPG and head of the firm’s Chicago regional office. “Our location has provided many of our current tenants the opportunity to consolidate and centralize multiple area locations and take advantage of all of the modern amenities of a Class A corporate campus.”</p> <p>The most recent improvements complete the conversion of the former Tellabs, Inc. 548,000-square-foot campus, acquired by BPG in 2004, from a single-tenant, research-and-development facility into a Class A, multi-tenant office property. The conversion earned Tallgrass the recognition of Suburban Office Redevelopment of the Year in 2007 by the National Association of Industrial and Office Properties (NAIOP).</p> <p>The extensive capital improvement program involved:</p> <br><ul> <li>The redevelopment of 130,000 square feet of former manufacturing space into additional Class A office space including a new dedicated entrance, full-height window wall and skylights</li> <li>The addition of a fully equipped conference room, cafeteria and fitness center</li> <li>Interior renovations updating the corridors and lobby areas</li> <li>An enhanced main entrance with glass canopy </li> <li>A parking lot expansion adding 300 spaces in spring 2009</li> </ul><br> <p>Tallgrass, which includes additional acreage for build-to-suits, is currently more than 85 percent leased. A remaining 53,000 square feet of contiguous office space includes a flexible floor plan ready for build out, data center capabilities, 12’ ceilings, full-height exterior window wall, skylights and private entrance. Another 22,500 square feet of office space is available in other parts of the building.</p> <p>“With the renovation of Tallgrass Corporate Center, BPG has been a welcome partner with the Village of Bolingbrook and our commitment to bringing back businesses that create jobs for our strong and fast-growing labor pool,” said Bolingbrook Mayor Roger Claar. “BPG’s quick leasing success has confirmed the continued attraction of businesses to Bolingbrook.” </p> <p>After acquiring the vacant property, BPG leased the original 418,000 square feet of available office space close to capacity with a host of prominent tenants including Adventist Midwest Health, Ulta Beauty, Provena Health, Patterson Medical and Quebecor World Logistics. Recognizing a strong demand for space, BPG under the direction of Brian Dovalovsky, asset manager in BPG’s Chicago office then converted 130,000 additional square feet of manufacturing space into Class A office space and leased 73,000 square feet to CB&I (Chicago Bridge & Iron Company) in 2008.</p> <b>About BPG Properties, Ltd.</b><br> BPG Properties, Ltd. is one of the nation’s leading private equity real estate fund managers. BPG’s portfolio consists of over 20 million square feet of office, retail, student housing, and industrial properties and more than 25,000 apartment units in more than 100 communities located throughout the United States. In the Midwest, affiliates of BPG own and operate properties in Chicago, Minneapolis, St. Louis, Indianapolis, Kansas City, Columbus, Cincinnati and Detroit. For additional information, please visit the company’s website at<br><br> <b>For additional information on BPG Properties, Ltd., please contact:</b><br> Holly Reynolds, Vice President, at (215) 575-2363<br><br> <b>For additional information on BPG Properties, Ltd. in the Midwest, please contact:</b><br> Joseph I. Neverauskas, Senior Vice President, at (312) 427-8740<br><br> <b>For additional information on Tallgrass Corporate Center, please contact:</b><br> Brian Dovalovsky, Asset Manager, at (312) 235-5991