BOLINGBROOK, IL-Philadelphia-based Berwind Property Group, Ltd. has paid $16.5 million for Tellabs’ two office, warehouse and lab buildings in Remington Lake Corporate Center. The buildings at 1000 Remington Blvd. and 605 Territorial Dr. are a combined 730,500 sf, which puts the deal at $22.59 per sf.

Despite the bargain-basement price, vacancy in the southwest suburban industrial market has soared to 17.4%, according to CB Richard Ellis’ most recent market report. “We believe these facilities will compete effectively in the marketplace and be attractive to traditional and technology oriented users,” says Berwind Property Group senior vice president Joseph I. Neverauskas.

Berwind Property Group has hired Brenda Crisp of Colliers Real Estate Management Services to oversee operations at both buildings. Tellabs vacated the 548,100-sf building on 50 acres at 1000 Remington Blvd., built in 1993 and expanded in 1998, earlier this year. Francis R. Prock, Charles V. Canale and David W. Florent of Colliers Bennett & Kahnweiler will market space in the building, which includes a full-service cafeteria, fitness center and nearly 900 fully furnished work stations. Tellabs will lease back half of the 182,400-sf building at 605 Territorial Dr. for three years. Daniel P. Cawley and Jack Henning of Cawley Chicago are marketing the remaining 88,282 sf at the six-year-old building.

The actual buyer is BPG Investment Partnership VI, LP, Berwind Property Group’s $384-million private equity fund. Berwind’s local portfolio includes the 1.1-million-sf Wood Hill Crossings Business Park in nearby Woodridge.

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