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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.

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