New Building provides Medical Office space for Doctors, Healthcare
Specialists, and Medical Professionals
CHICAGO, Sept. 25 /PRNewswire/ -- Randolph Equities has answered the emergency call for medical space in the Near West Suburban market with the development of the Oakbrook Medical Center, which will make 85,000 square feet of class A, medical office space available in Oakbrook Terrace. This incredible new facility is designed to meet the needs of medical practices in the technology-driven marketplace of the 21st Century. Ground breaking is scheduled to occur in late fall 2007, with a targeted completion date of August 2008. Randolph Equities will be offering up to one full year rent abatement with select pre-construction leases.
Oakbrook Medical Center rents are in the mid-twenty dollar per square foot range, well below other comparable medical offices in the area. With nearly every square foot of Class A medical space in the Near West suburbs of Chicago wait listed, Oakbrook Medical Center is expected to fill up in a matter of months.
"We spoke with local medical professionals and developed the kind of building that they wanted; with everything from its stunning 4-story soaring all glass atrium entry way, private underground parking for the tenants, customized suites, to its over-sized elevators that will accommodate wheelchairs and rolling beds. Above all they wanted a medical center that provides the type of powerful infrastructure needed by physicians and groups practicing at the forefront in the 21st Century," says F. Adam Sharif, CEO of Randolph Equities.
As a result Randolph Equities, working with DLR Group, the building's design architects, has developed a state of the art medical complex with the types of systems that are needed to meet the demands of today's practitioners. The complex is equipped with a robust electrical system, featuring back-up generators to meet the distinct needs of tenants performing outpatient surgeries and diagnostic services. Similarly, the plumbing system is designed to meet the increased water needs of medical practices. Perhaps the most advanced and important feature of the Center is its 21 century communications backbone which will enable tenants to send and receive large amounts of medical and diagnostic information more efficiently. The Medical Center is also designed to maximize energy efficiency and utilizes a host of environmentally friendly sustainable systems.
The Oakbrook Medical Center is located on Ardmore Avenue near Roosevelt Road in Oakbrook Terrace, with easy access to the region's major highways and in close proximity to many of the area's largest hospitals, including Elmhurst Memorial, Good Samaritan, and Hinsdale.
"We received terrific interest from the local community, and physicians are embracing this space. Based upon word of mouth alone, we have significant interest from several large medical groups. Clearly the area is ready for this building," says Adam Sharif.
About Randolph Equities:
Randolph's Medical and Healthcare group can be contacted directly at 312 640 8623, or visit the development's website for more information, http://www.OakbrookMedicalCenter.com
Randolph Equities, a Chicago-based real estate development and capital firm, has the flexibility, composition and edge to identify and complete the most complex real estate transactions. With over $1 Billion in completed real estate transactions, the Randolph Equities' team has the necessary experience to successfully identify, evaluate and complete a project from acquisition to development. The company strategically combines entrepreneurial methods with institutional resources to ensure success. Randolph Equities will invest its own funds in a first loss position for all of its real estate endeavors. In addition, the company will conduct external fundraising, slated to begin in 2007. Randolph Equities plans to fund $200 Million in deals annually with an initial focus on the Chicago and Florida markets.
|SOURCE Randolph Equities|
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