Nokia Networks | Research and Development Facility



Property Description

This 214,185 square foot research and development facility located in Arlington Heights, Illinois (approximately 20 miles northwest of Downtown Chicago) is leased in its entirety to Nokia Networks, LLC, with a five-year lease guaranty from the parent company, Nokia Solutions and Networks Finance B.V., rated B+ by Standard and Poor's. 

Business Essential Attributes

The property is the Tenant’s primary global research and development facility focused on its mobile broadband business and is utilized for the development of Long Term Evolution (“LTE”) technology and network infrastructure solutions. The Tenant has made a significant commitment to the property as evidenced by the consolidation of its operations and employees to the property and signing a new 12-year lease with no termination rights. In addition, the Tenant will self fund in excess of $10 million in improvements in the property’s infrastructure and systems to convert the building into modern, efficient open office and laboratory space. Above standard components in addition to the lab space include a data center, modern cafeteria, videoconferencing studio, and “Customer Experience Center” (showroom for demonstrating products to clients and potential clients).

Additional Property Information

The property, originally constructed in 1989, contains office space and technology labs with significant technological infrastructure, heavy power and extensive communications. The property is located south of Dundee Road and directly along IL-53 giving the location an immediate connection to all the major Chicago highways – I-90 and I-290 via route 53. Due to its strategic location just 20 miles northwest from O’Hare International Airport and proximity to some of Chicago’s most affluent neighborhoods, the Northwest Suburban Office Submarket has become home to many corporate headquarters and Fortune 100 companies.

Nokia Networks | Research and Development Facility

Arlington Heights (Chicago), Illinois

Property At a Glance

Property Type: Research and Development
Square Footage: 214,185

Lease Expiration: June 30, 2025
Renewal Option(s): 
Three 5-year renewal options at
95% of Fair Market Rate
Rent Increase(s): 
2.75% per annum years 1 – 6 
2.50% per annum years 7 – 12
Tenant: Nokia and Networks US, LLC
Guarantor: Nokia Solutions and Networks Finance B.V. (S&P: B+)
Website: networks.nokia.com

 

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