Calamos Real Estate

What Calamos Real Estate does

Calamos Real Estate LLC is a privately held, vertically integrated commercial real estate firm headquartered in Naperville, Illinois, operating as a subsidiary of Calamos Property Holdings LLC. Founded in 2005, the company delivers three core service lines: commercial leasing and sales brokerage, third-party property management, and development and construction management. Its portfolio spans approximately 1.3 million square feet across DuPage County and the broader Chicagoland submarket, anchored by CityGate Centre — a 31-acre mixed-use campus at the intersection of I-88 and Route 59 comprising 400,000 square feet of Class A office space, 62,000 square feet of retail, and the 285-unit Domain CityGate luxury residential component opened in 2023.

The firm operates a hybrid business model that combines asset ownership with fee-based services. Owned assets at CityGate Centre are leased to tenants at approximately $18/SF on a triple-net basis, and the company manages additional third-party properties, generating property management fees alongside brokerage commissions on lease and sale transactions. Anchor tenancy includes Calamos Investments (a related entity under the broader Calamos enterprise), with a diversified tenant roster spanning financial services, technology, and consumer-facing retail brands such as Lavazza and Apotheco.

The company holds approximately 35 acres of developable land, including the CityGate North parcel (25+ acres across Ferry Road) and in-fill sites within CityGate Centre, providing a multi-year pipeline for continued mixed-use expansion. CityGate Flex, a small-format office offering, has reportedly achieved sustained occupancy above 90% since launch, and the firm has received NAIOP Chicago Multifamily Development of the Year (2023), REJournal Best of the Best Developers (2024), and MWREN Best of the Best Property Management (2024). Operational leadership includes Chris Landis as Managing Broker (since 2023) and the March 2025 rehire of Paul Yacoub as Assistant Vice President / Real Estate Analyst.

Name

Calamos Real Estate

Legal name

Calamos Real Estate LLC

Website

https://calamosrealestate.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Calamos Real Estate LLC is a privately held, vertically integrated commercial real estate firm based in Naperville, Illinois, managing approximately 1.3 million square feet across DuPage County and Chicagoland. It owns and operates CityGate Centre, a 31-acre mixed-use campus of Class A office, retail, and luxury residential, while providing brokerage, property management, and development services.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Services

NAICS

Real Estate Property Managers (53131), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Residential Property Managers (531311)

SIC

Real Estate Agents & Managers (For Others) (6531), Operators Of Apartment Buildings (6513), Lessors Of Real Property, Nec (6519), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

Keywords

• Commercial real estate brokerage
• Property management services
• Commercial development
• Tenant representation
• Class A office leasing

Headquarters

HQ city

Naperville

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Commercial Leasing & Sales Commissions: Brokerage fees from commercial property sales and lease transactions for both tenants and owners. Team provides services for tenants seeking space and owners seeking tenants.
2. Property Management Fees: Ongoing property management services including marketing, tenant qualification, lease negotiations, accounting, building and land maintenance, and financial reporting. Manages over 1.3MM SF of office, retail and special use properties.
3. Development & Construction Management: Development services including due diligence research, proforma analysis, land acquisition, community outreach, entitlement, and construction management. Also considers joint ventures with build-to-suit parcels.
4. Commercial Property Rental Income: Rental income from owned and managed commercial properties including Class A office space and retail at CityGate Centre and other DuPage County locations.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Calamos Real Estate is a Naperville-based commercial real estate firm offering integrated services spanning commercial leasing and sales brokerage, comprehensive property management, and development and construction management. The company owns and operates CityGate Centre, a 31-acre mixed-use flagship development featuring approximately 400,000 SF of Class A office space, nearly 62,000 SF of retail, and the 285-unit Domain CityGate luxury apartment complex. The firm manages over 1.3 million square feet of office, retail, and special-use properties across DuPage County and the broader Chicago metropolitan area.

Product overview

Calamos Real Estate is a Chicagoland commercial real estate firm offering integrated property services including commercial leasing and sales brokerage, property management, and development and construction management. The company operates as a boutique agency with approximately 1.3 million square feet of office, retail, and special-use properties under management across DuPage County and the Chicago area. The firm's flagship development is CityGate Centre, a mixed-use community in Naperville combining Class A office space (400,000 SF), retail (nearly 62,000 SF), and luxury residential apartments. Additional offerings include flexible office solutions under the CityGate Flex brand for early-stage businesses, development-ready land parcels, and construction management services. The company also provides tenant portal access through Angus Anywhere for property residents.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 95%+ occupancy rates at Domain CityGate apartments since 2023 opening
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered minor and core.

• Aria Group Architects, Inc.minorImplementation/ SI/ Consulting Partner · 1 January 2024Architecture firm responsible for design of original Lavazza Café in 2013 and renovation concept in 2024. Presented design concept combining warm wood and metal tones with Lavazza global brand colors.
• Primacy Business CentercoreStrategic or Co-development PartnerAffiliate of Calamos Real Estate LLC providing virtual office services, meeting rooms, day offices, and administrative support. Located at CityGate Centre in Naperville serving freelancers, consultants, attorneys, and remote workers with professional business addresses.
• CityGate CentrecoreOthersFlagship mixed-use development at I-88 and Route 59 in Naperville owned and developed by Calamos Real Estate. Includes Class A office, retail, Domain CityGate apartments, and Hotel Arista. Community combines luxury accommodations, dining, entertainment and office spaces.
• Domain CityGatecoreOthers285-unit luxury apartment complex at CityGate Centre, developed by Calamos Real Estate with zoning variance secured for first-time residential development north of I-88 in Naperville. Won NAIOP Chicago's 2023 Multifamily Development of the Year.
• Calamos InvestmentscoreOthersParent company and anchor tenant at CityGate Centre headquarters since 2005. Related entity within Calamos Property Holdings enterprise.
• Hotel AristaminorOthersForbes-recommended, AAA Four Diamond boutique hotel at CityGate Centre. Luxury hotel ideal for out-of-town associates offering meeting and event rooms and catering. Adjacent to 2135 CityGate Lane office building.
• Patrick Commercial Real EstateminorChannel Partner/ Reseller/ DistributorCommercial real estate brokerage that brokered the Simpson Technologies headquarters lease at CityGate Centre for the tenant side.
• Choose DuPageminorGTM or Marketing PartnerEconomic development organization that publishes annual DuPage County's Smartest Workplaces list. CityGate Centre and its tenants have been recognized multiple times since 2020.
• PMA Financial NetworkminorOthersHeadquarters tenant at CityGate Centre. One of several business headquarters that call CityGate Centre home.
• InvestortoolsminorOthersHeadquarters tenant at CityGate Centre. One of several business headquarters that call CityGate Centre home.
• Koru GroupminorOthersHeadquarters tenant at CityGate Centre (7,752 SF). Development services firm serving clients in 15+ states.
• Villa TechminorOthersHeadquarters tenant at CityGate Centre. One of several business headquarters that call CityGate Centre home.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Jones Lang LaSalle (JLL): Global commercial real estate services firm with deep Chicago presence, offering brokerage, property management, and investment sales across all property types. Overlaps directly with Calamos's core service lines but at vastly greater scale and geographic reach.
• CBRE Group: Largest global commercial real estate services firm, providing brokerage, property management, valuation, and development services. Competes with Calamos for institutional landlord mandates in the Chicago suburbs, with significant overlap in office leasing and property management.
• Cushman & Wakefield: Global commercial real estate services firm offering brokerage, property management, and advisory services with strong Chicago-area operations. Directly comparable service mix to Calamos Real Estate across leasing, PM, and investment sales.
• Newmark Group: Global commercial real estate services firm providing leasing, investment sales, and property management with strong Chicago presence. Direct overlap with Calamos's commercial leasing and property management offerings.
• Transwestern: National commercial real estate firm offering agency leasing, property management, and tenant representation services. Comparable service model to Calamos, particularly in Class A office leasing and third-party property management.
• Colliers: Global commercial real estate services firm with a substantial Chicago-area office brokerage and property management practice. Overlaps with Calamos on commercial leasing, tenant representation, and third-party management services.
• Lincoln Property Company: National commercial and residential property management and real estate services firm. Directly comparable to Calamos on third-party property management, with significant scale advantages and broad geographic reach.

Emerging players

• Stream Realty Partners: National commercial real services firm with offices in Chicago offering leasing, property management, and development services across office, industrial, and retail. Comparable in scope to Calamos's integrated CRE services platform, with overlap in office leasing and build-to-suit development.

Direct peers

• NAI Hiffman: Chicago-area commercial real estate services firm providing brokerage, property management, and development services across the suburban Illinois market. Highly comparable to Calamos in scope (full-service CRE) and geography (DuPage County focus), though operating at larger scale as the NAI Global affiliate.
• Avison Young: Privately held commercial real estate services firm offering brokerage, property management, and project management. Similar in private ownership and full-service positioning to Calamos, with comparable Chicago suburban market focus and owner-representation capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/calamos-real-estate-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Calamos Real Estate