Walgreen paid Cornerstone nearly $20.2million, or $99 per sf,for the four-story buildings that are 20 and 21 years old. Theyhave been known as Lake Cook Office Center I and II.
Walgreen acquired 1417 Lake Cook Rd. in April 2002 for $7.1million, according to property records, getting a bargain at $68per sf from Travelers Insurance Co. It then paid $34 million, or$106 per sf, for the former Hyatt Deerfield Office Complex onWilmot Road north of Lake-Cook Road.
Direct vacancy in the north suburban office submarket is 21.4%,according to US Equities Realty's most recent market report.However, it is 22.8% for class A space. Nonetheless, the northsuburbs are the healthiest submarket outside of Downtown.
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