DES PLAINS, IL - Transwestern brokered the sale of a four-story office building in the Chicago suburbs which serves as the FAA's Great Lakes regional headquarters.
Transwestern's Chicago office worked exclusively on behalf of the seller, O'Hare Lake Office Park LLC. The 239,331 square foot building at 2300 East Devon was purchased by Saban Capital for $39 million, or $163.00 a square foot.
The FAA and a smaller General Services Administration tenant lease 92.5% of the building.
"Recently, there have only been a handful of long-term, single-tenant leased office opportunities of size in the Chicago suburbs," Gary Nussbaum, managing director of Transwestern, says in a press release.
Nussbaum said one of the reasons the property was attractive was because the FAA has leased space there for more than 40 years.
"The building garnered the most interest from investors that focus on government-leased property," Nussbaum tells GlobeSt.com.
"Combined with the building's close proximity to O'Hare, this gave investors a high degree of confidence that the FAA will continue to occupy the building in the long-term," he says.
The building at 2300 East Devon is one of five multi-story buildings in the 50-acre office park. It was 94% occupied at the time of sale.
Nussbaum and Managing Director Thomas Gorman represented the seller in the transaction.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. It has 33 U.S. offices and assists clients in 30 countries as part of an alliance with BNP Paribas Real Estate.
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