New Jersey Firm Adds Suburban Chicago Office Building to Portfolio
The firm reports it paid $42.85 million for the eight-story, 233,166-square-foot, Class-A office property at 1111 West 22nd St. Located in the East/West submarket, the building is 93% occupied.
OAK BROOK, IL—Fairbridge Properties of Skillman, NJ has acquired the Oak Brook /gateway office building here in the Chicago submarket of Oak Brook, IL for nearly $43 million.
The firm reports it paid $42.85 million for the eight-story, 233,166-square-foot, Class-A office property at 1111 West 22nd St. Located in the East/West submarket, the building is 93% occupied. The office building has a tenant roster of 21 firms that includes Lewis University, United States Census Bureau, Oxford Bank and Aerotek.
“This acquisition marks our proud entrance into the third largest real estate market in the US,” says Dr. Dmitry Gordeev, Fairbridge Properties’ founder and managing partner. “We are excited to own a beautiful building in a densely populated, top performing submarket that has access to a highly skilled labor force.”
Designed by Holabird and Root and built by New York Life Insurance Company in 1984, Oak Brook is a modern steel-and-glass building containing large, contiguous floor plates of 27,700 square feet. A two-story, atrium lobby features two custom-made, original kinetic sculptures created by Michio Ihara.
Other building amenities include a conference center, fitness center, full-service cafe, and outdoor patio. The four-level parking structure provides tenants with free, covered parking that is connected to the building via an enclosed corridor.
The office property provides access to I-88 and is within walking distance of Oakbrook Center, a regional, upscale shopping mall with more than 2 million square feet of retailers and restaurants.
The Oak Brook micro market is home to numerous Fortune 500 corporate headquarters along with regional and district headquarters for out-of-state corporations. In Oak Brook, 57% of the employees over the age of 25 are college graduates and 86% of the labor force is employed in management, business, science, arts, sales, and office. Additionally, the area is surrounded by some of the most affluent and desirable residential communities in suburban Chicago.
The Oak Brook Village Board recently gave final approval for a project to be developed by Hines along the north side of 22nd Street near Spring Road. Oak Brook Commons, a 17.5-acre site, will include 250 rental apartments, 104 condominium units, 252-room hotel, three restaurants, office space, retail stores and park space.
“Oak Brook Gateway is located in a highly desirable area to live, work and play,” Gordeev says. “This is not only evidenced by the area’s current high density, but its future development. Hine’s brand new $500 million mixed-use development will be going up across the street from our building. This addition serves as an economic boon for our community and our building.”
“Given its vibrant location and the continued development in the area, Oak Brook Gateway is an outstanding addition to our portfolio,” Gordeev adds. “We are confident that it will provide us with long-term stable returns and asset appreciation.”
In another transaction in Illinois, last December, Fairbridge Properties purchased Cornerstone I at Cantera, a 152,520-square-foot class A office building in Warrenville, IL that is part of the prestigious Cantera master-planned development, from Northwestern Mutual for $20.75 million.