Built in 1986, the 10-story building is 100% occupied, according to Black's Guide. Located along the East-West Tollway, the building includes a fitness center, conference center and deli. "The attractive location and institutional quality of the improvements and rent roll should provide a competitive advantage for the asset as local and national economic conditions continue to improve," says GID director of investments Nigel T. Keenan. Total vacancy in the East-West Corridor, including sublease space, stands at 24.3%, according to US Equities Realty's most recent market report.
The property was sold by Metropolitan Life Insurance Co. for $23.5 million in 2002, according to property records. While CB Richard Ellis remains in charge of leasing at the building, GID Investment Advisers has hired Jones Lang LaSalle to manage the property.
The deal follows the sale of Westings Corporate Center at 2056 Westings Ave. for $29 million, US Equities Realty notes.
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