CHICAGO—90 North Real Estate Partners justcompleted the acquisition of the ContinentalAutomotive building at 21440 W. Lake Cook Rd. in DeerPark, a northwest suburb, for about $40 million. As reported inGlobeSt.com, the London-based company recently opened a Chicago office and plans to invest about $750million in office properties across the US. It alsojust bought a class A building in Denver fullyoccupied by the FBI. The Deer Park building is itssecond acquisition.
Continental AG acquired the 351,425-square-footbuilding in 2006 but no longer needs the entire space. It willcontinue to occupy about 200,000-square-feet under a long-termlease. 90 North plans to rename the property the Reserve at DeerPark and bring in at least one and possibly several tenants tooccupy the top three floors of the seven-story building.
“It's a quality building and we also have a quality tenant,”Daniel T. Cooper, the head of 90 North's NorthAmerican operations, tells GlobeSt.com. Continental's 13-year leasegives the property, first developed by Motorola in2002, a good deal of stability, and 90 North officials “think itfits in with what corporate America wants.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
