OAK BROOK, IL-While Banyan Strategic Realty Trust is moving from Downtown to smaller quarters here, Rahway, NJ-based Denholtz Associates has joined the liquidating office and industrial REIT at 2625 Butterfield Rd. in this western suburb. Denholtz recently closed on its purchase of 85% of Banyan’s portfolio for $185 million.

Denholtz says it opened a Chicago area office to handle the approximately 600,000 sf of space it now has in the region. It also hired Ann-Marie O’Malley away from Simon Property Group’s office in northwest suburban Rosemont. O’Malley was an area property manager for Simon Property Group, where she oversaw the operations of 1.5 million sf at Riverway and O’Hare International Center.

“Our plans are to continue to invest in the Chicago area and we look forward to forging new relationships in the marketplace and taking advantage of strategic opportunities that exist in the Chicago region,” says Managing Director and CEO Steven Denholtz.

Denholtz acquired 2.7 million sf of industrial and office space in its deal with Banyan, primarily in Midwest and Southeast US markets. Denholtz has other offices in Jupiter, FL; Atlanta and Philadelphia.

Banyan’s holdings now are limited to three properties in Atlanta; Huntsville, AL and Louisville, KY.

“We believe we can better serve the interests of our shareholders from our new location, while maintaining the level of responsiveness and commitment that our industry has come to expect from us,” says Interim President and CEO L. G. Schafran.

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