CityGate Centre office occupancy up nearly 10 percent over suburban office market
M/I Homes has joined Calamos Real Estate's roster of tenants at CityGate Centre, leasing 26,699 sf of Class A office space at 2135 CityGate Ln., the unique, modern building at the corner of Rte. 59 and Ferry Rd. Naperville city officials say the lease represents the largest office-only lease in the west-suburban city this year. And while M/I Homes only moved into its new space in September, it quickly was recognized among The Smartest, Sleekest & Healthiest Workplaces in DuPage: 2022, by Choose DuPage, the county's economic development alliance.
In addition to Class A offices, the mixed-use CityGate Centre offers retail, restaurant, health services, luxury hotel and newly constructed luxury apartment rentals.
M/I Homes has been building homes for more than 40 years in more than a dozen U.S. markets and began building in the Chicago area roughly 15 years ago. Its regional Chicagoland headquarters was nearby, on Diehl Rd. in Naperville before its recent move to CityGate Centre.
While some companies have re-fit office space to new off-site and hybrid work models, M/I Homes’ move is designed to bring all of its distinct services – homebuilding operations, design, mortgage and title – to a single location, enhancing collaboration and streamlining the customer experience. More than 120 employees from across its services are at the CityGate Centre office.
“We wanted to keep the headquarters in Naperville, it has such a great sense of community,” said M/I Homes Area President Rick Champine. “We serve customers throughout the Chicago Metro Area and CityGate Centre offers convenient access from the north, south, east and west.”
Beyond additional square footage to bring his operations together and highway travel convenience for his customers, Champine also wanted to offer an experience reflecting M/I Homes high-quality brand.
“It’s more than people just being in the same space, it needs to be the right space,” he said. “The Calamos property is a mirror image of what we want to exude: Its well-maintained, high-quality safety and security features, and its community attributes come together very well to complement our own high-quality building and customer experience approach.”
Calamos Real Estate Associate Vice President Chris Landis says since early 2020 the kinds of spaces and amenities businesses are seeking has changed, and it’s up to brokers and property managers to recognize and respond to those needs.
Among changes Calamos Real Estate quickly made in response to the pandemic was the installation of Global Plasma Solutions NPBI™ ionized clean air system in its office buildings during the first half of 2020. The system is validated to perform against viruses and bacteria without producing harmful levels of ozone or other byproducts, increasing safety for its tenants while staying true to its Green building commitment.
“This type of installation responds to concerns about personal safety and about environmental impact and sustainability,” said Landis. “And while we’ve seen that people can work off site, that’s not the best-case scenario for all companies or all employees. There’s still a need for colleagues to collaborate and an increasing desire for a defined start and end to the workday that coming to the office offers.”
Efforts such as this have resulted in less than 17 percent office vacancy at CityGate Centre. On Oct. 18, Crain's Chicago Business reported suburban office vacancy overall is seeing a record high of 27.3 percent vacancy.
At CityGate Centre, the best attributes of an urban neighborhood – walkable access to fine dining along with casual fare; green space; a Forbes-rated, AAA Four Diamond hotel; healthcare, spa & fitness facilities; new, luxury apartments; and easy access via the state and interstate highway systems – are together in a pristine, suburban setting. The mixed-use campus provides the ample parking, food options, workout facilities and more that tenants are looking for.
About M/I Homes
M/I Homes is one of the nation’s leading homebuilders, building new homes of outstanding quality and superior design for more than 40 years. Founded in 1976 by Melvin and Irving Schottenstein, the company has fulfilled the dreams of over 140,000 homeowners. M/I Homes started as a family business and grew into a national leader in a single generation with divisions in 15 markets including Austin, Charlotte, Chicago, Cincinnati, Columbus, Dallas, Detroit, Houston, Indianapolis, Minneapolis, Nashville, Orlando, Raleigh, San Antonio, Sarasota and Tampa.
About Calamos Real Estate LLC
Calamos Real Estate LLC, a subsidiary of Calamos Property Holdings LLC, is focused on real estate activities throughout the United States, including acquisitions, development opportunities and joint ventures. The firm's flagship development, CityGate Centre in Naperville, is a unique mixed-use development offering superior leasing opportunities for corporate and commercial tenants, as well as property management services of the highest caliber.