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OAK BROOK, IL-Great Lakes REIT is for sale. The suburban office REIT with plans to expand its medical office portfolio has hired Cushman & Wakefield to explore options running the gamut from asset sales to a sale of the entire company, which owns nearly 6 million sf in the Chicago, Cincinnati, Columbus, Denver, Detroit, Milwaukee and Minneapolis markets.

“We believe that conditions in the capital markets have created an environment where there is substantial demand in the institutional real estate investment market for high-quality commercial real estate and that this is an appropriate time to explore whether there are alternatives to enhance the value of the company for our shareholders,” says chairman and CEO Richard May.

Shares of Great Lakes REIT common stock rose 1.7% Monday to $14.75. At that price, a sale of the entire company would be a $244-million deal. Although the REIT’s stock is yielding a hefty 11.17%, company officials have balked at a share repurchase plan, opting instead to focus on buying property.

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