Both buyer and seller were represented by Cushman &Wakefield in the deal. Senior Director Ned Franke represented DeVryin the sale, and Susan Rosen of the firm represented sellerQuadrangle. Franke said DeVry, which runs a network of schoolsnationwide, will use the two-story office building to expand itsonline operation from its existing headquarters in Naperville.

|

"It was centrally located, which they liked," Franke said. "Theythought it was an efficient building for what they were doing. Thelarge floorplates were desirable given their layouts, and it's alarge site with a large parking ratio."

|

The building, also known as Wood Dale Preserve, sits on 9.3acres in the near northwest suburban market, Franke said. "There'sa large office market in that area, but there weren't many otherslike this that had those characteristics for sale," Frankesaid.

|

Developer Quadrangle, who sold the building, had owned it forabout two years. The company purchased the site in June 2006 for$6.8 million, sources say. "They bought it with the intention ofselling it," Franke said. "They thought it was a good value play atthe time.

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.