LAKE FOREST, IL-A joint venture of Sam Zell's Equity Group Investments LLC and Fulcrum Asset Advisors LLC has acquired the One Conway Park office building here for $13.1 million.
The joint venture of Chicago-based investment firms acquired the 105,000-square-foot office building at 100 N. Field Drive from Chamber Street Properties of Princeton, NJ and minority partner Duke Realty Corp. of Indianapolis. The property is approximately 75% occupied, according to Crain's Chicago Business.
“The reception was pretty robust for (One Conway),” says Philip Kianka, chief operating officer of Chambers Street Properties. “A lot of people are anticipating that it has some upside.”
The Lake Forest office building purchase is the first acquisition in the Chicago suburbs for Zell since the 2007 sale of Equity Office Properties Trust to the Blackstone Group L.P. for $39 billion. At the time Zell was chairman of Equity Office Properties. See story in Crain's Chicago Business.
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