KBS acquired the 647,196-sf office complex for approximately $135.8 million, plus closing costs, according to a SEC filing. The seller was J. P. Morgan, which was represented by Bill Novelli and Michael Caprile, both with CB Richard Ellis. A representative from KBS was unavailable for comment.
The two-building complex consists of the 304,876- building at 10 N. Martingale and the 305,586-sf building at 20 N. Martingale. The two six-story buildings were developed by Hines and designed by Wright Architects. The building at 10 N. Martingale was constructed in 2000 with the building at 20 N. Martingale constructed the next year, according to a released statement from KBS.
The property is on 23.7 acres with visibility along Interstate 290, and is near Woodfield Mall and O'Hare International Airport. The center is 96.5% leased to a total of 28 tenants, according to the released statement. Tenants include IBM, RSM McGladrey, Chef Solutions and American Family Insurance.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
