FOR IMMEDIATE RELEASE
For Further Information:
Ownership: Brian Lauck Representation: Angela Burrows
Keystone Property Group CB Richard Ellis
CAREER EDUCATION CORPORATION RELOCATING CORPORATE HEADQUARTERS
TO WOODFIELD POINTE OFFICE CENTER
* Company consolidates office facilities and enters into a long‐term lease for the entire
317,198‐square‐foot building in Schaumburg, Ill. *
Chicago – January 19, 2010 – Career Education Corporation (CEC), a provider of post‐secondary education
programs and services, recently entered into a long‐term lease to relocate its corporate headquarters to
Woodfield Pointe Office Center, occupying the entire 317,198‐square‐foot building owned by Keystone
Property Group. Located at 231 North Martingale Road in Schaumburg, IL, the location will serve to
consolidate the company’s headquarters, strategic business units and shared services functions currently
in Hoffman Estates, IL. CEC is scheduled to take occupancy of the building in the fourth quarter of 2010.
"CB Richard Ellis evaluated a variety of renewal and relocation consolidation scenarios on behalf of CEC
within the Chicago market. The 231 N. Martingale Road building ultimately provided CEC with the
greatest efficiencies, a lower overall footprint, a significant presence and competitive economic terms,"
stated Mark A. Pasquella, executive vice president, CB Richard Ellis, who represented CEC. James Whalen,
executive vice president, and Chad Freese, senior vice president of CB Richard Ellis, also represented CEC
in the deal.
"This was a complex and structured transaction that faced significant challenges due to today’s difficult
economic environment,” said Pasquella. “Concluding a transaction of this magnitude provides a much
needed boost to the Chicago suburban office market.”
“At CEC, we are confident that we have found a location that will accomplish our goal of greater
organizational effectiveness and efficiency, as well as provide additional amenities and services to those
working at our facility,” said Gary E. McCullough.
Woodfield Pointe Office Center is a class A, 11‐story office building originally constructed in 1987.
Keystone Property Group purchased the property in 2007 and began a comprehensive renovation.
Enhancements included curtain wall glass, an expansive, redesigned lobby with first‐class finishes, custom
landscaping and upgraded building systems. Additional renovations will include a full‐service cafeteria,
outdoor landscaping and seating areas and a parking garage.
2 CB Richard Ellis Press Release
“This transaction represents the execution of our vision and business plan for the property. We were able
to reposition a well‐located, but outdated building into an asset worthy of a world‐class headquarters.”
said Richard Gottlieb, senior vice president of Keystone Property Group. “We are extremely pleased to
welcome CEC to the building and thank all those involved for their hard work and cooperation in this
Jack Reardon, senior vice president, of CB Richard Ellis, represented Keystone Property Group in the
transaction. As the fifth‐largest suburban lease in Chicagoland in the last decade, the transaction is on
track to be the region’s largest deal in 2010, which is sure to be one of the region’s largest in 2010, and is
the 5th largest suburban lease in Chicagoland in the last decade.
“The Keystone team saw value in a 20‐year‐old dilapidated data center. They had a vision for this well‐
located property and transformed it into one of the most prominent buildings in the Northwest suburbs,”
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest
commercial real estate services firm (in terms of 2008 revenue). The Company has more than 30,000 employees (excluding
affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.
CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and
project management; mortgage banking; appraisal and valuation; development services; investment management; and research
and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company three years in a row and a Fortune
100 fastest growing company two years in a row. Please visit our Web site at www.cbre.com.
About Keystone Property Group
Keystone Property Group, lead by its President William Glazer, is a leading real estate developer and manager of office and
industrial properties with assets located in Pennsylvania, New Jersey, Illinois and Florida. Keystone also sponsors and manages a
series of opportunistic real estate investment funds. Keystone creates value for its investors through exceptional redevelopment,
financing, leasing, property management and asset management. Keystone Property Group has been recognized by Inc. 500
magazine, the Entrepreneurs’ Forum and the Wharton Small Business Center and several of its projects have earned “Best Real
Estate Awards” from the Philadelphia Business Journal. Keystone Property Group is headquartered in Bala Cynwyd, PA with
offices in Naperville, IL and Dadeland, FL. For more information, please visit www.keystonepropertygroup.com
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