The portfolio includes five office buildings, which have about775,000 sf, and a daycare center, says Charles Beaver, a principalwith John Buck Co. "It is one of the very best suburban officeparks in metropolitan Chicago," Beaver says.

|

The buildings were constructed from 1989 through 2002. Buck doesnot have any major renovations planned for the buildings at thistime, Beaver says. Also included in the sale is a 10.5-acre parcelof land. A build-to-suit office building with between 250,000 sfand 550,000 sf will likely be constructed on the site, he says.

|

The portfolio has a "very-high quality rent roll" and is 97%leased, Beaver says. Tenants include United Stationers Supply,Opentext, Meridian Group and Fujisawa, which all have theirheadquarters in the business park, sources say.

|

Astellas US LLC recently expanded by 49,067 sf at the park. Thepharmaceutical company has been a tenant in the park for about 10years, and currently leases about 280,000 sf in two of thebuildings, which includes its North American headquarters, saysAndrew Davidson, EVP and managing director of corporate servicesfor MB Real Estate. Davidson, David Burkards and Kyle Robbinsrepresented Astellas in the lease transaction while Jack Reardon,with CB Richard Ellis, represented the Blackstone/New York StateTeachers Retirement System partnership. Astellas leases almost allof the 250,000-sf Parkway Three building, except for approximately10,000 sf to 15,000 sf, and just expanded to two of the four floorsin the 92,000-sf Parkway Six, Davidson says. The asking lease ratefor office space in the complex is between $19.50 per sf and $20per sf, net, he tells GlobeSt.com.

|

The portfolio had been acquired from CarrAmerica Realty Corp. aspart of a larger portfolio that Blackstone purchased in 2006.Blackstone sold the building in 2007 to GE Real Estate as part ofthe Chicago EOP portfolio, as previously reported byGlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.