X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAK BROOK, IL-Nearly 300,000 sf of fully-leased office space at the eastern end of the East-West Corridor has been sold for $188 per sf. Oak Brook Hines Development LLC’s $55.25-million sale of 700 and 800 Commerce Dr. to Principal Life Insurance Co. is dwarfed by the $268 per sf commanded by 3 Lincoln Center, 100% leased to Commonwealth Edison, but tops the $164 per sf Teachers Insurance and Annuity Association paid last year in a $66-million buy of Oak Brook Regency Towers at 1415 and 1515 W. 22nd St.

The Oak Brook Pointe complex, on 15 acres just east of Oakbrook Center mall, offered the Des Moines-based insurance company a 79,829-sf building 100% occupied by McDonald’s Corp. The larger building, 700 Commerce Dr., is occupied by 10 tenants. Published net lease rates there are $19.50 per sf.

“This is a core purchase with good long term leases in the right location near the mall,” says Principal Global Investors director Mark Hanrahan. His company’s Principal Real Estate Investors advised the insurance company on its acquisition in a deal brokered by Cushman and Wakefield of Illinois Inc.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.