While the timing may not be right for Newark, NJ-based Prudential Insurance Co. of America to sell after 13 years, a group of private investors led by GVA Williams principal Michael Klein see opportunity in the asset it has acquired. Although price was not disclosed, the 170,000-sf building reportedly sold for $12.5 million, or 20% less than the market value recently set by the DuPage County Assessor's office.

However, the assessment may be on target after renovations, including the lobby, three-story atrium, landscaping and additional parking for the 32-year-old building, located less than a mile east of Oakbrook Terrace. "The planned renovations, coupled with attentive maintenance and strategic upgrades over the years, position 814 Commerce very favorably in the Oak Brook market," Klein says.

Overall vacancy in the East-West submarket continued to decline in the second quarter, according to Trammell Crow Co., but it still stands at 20.9%. That vacancy rate is topped only by the O'Hare submarket.

With visibility from I-88, now the Ronald Reagan Tollway, a new anchor tenant could get a sign atop the building, the new owners suggest. "In addition to an excellent location, the building also features 65,000-sf floor plates, which can accommodate large space users in the market," says David Trumpy, now handling leasing for GVA Williams and 814 Commerce LLC.