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LISLE, IL-The two-building Westwood of Lisle, which combine for 296,486 sf at 2441 and 2443 Warrenville Rd., have been acquired by the Hines US Office Value Added Fund, reportedly for $44 million. The $148 per sf reflects a 58% vacancy in Westwood of Lisle II, while Westwood of Lisle I is 92% occupied.

The overall vacancy at the property, sold by MetLife, is in line with the 31.2% rate seen in the western end of the East-West submarket as noted by Cushman & Wakefield’s third-quarter market report. Still, the new owners like the location along Interstate 88.

“Westwood of Lisle is a unique timing opportunity in that we were able to purchase an extremely well-located, high-quality asset in one of the strongest suburban submarkets in the Chicagoland area that has demonstrated comparatively strong demand growth due to its diverse labor pool, transportation network and overall infrastructure,” says Hines senior vice president Tom Danilek.

The company will take over leasing from CB Richard Ellis, which has been marketing the available space at $16.75 per sf. “We see the primary opportunity for value creation at Westwood of Lisle through leasing the top three floors of Building II at this highly visible property,” says Hines vice president and fund manager Dave Congdon.

Westwood of Lisle is the fund’s second acquisition, having acquired Capital Center II and Capital Center III in Rancho Cordova, CA.

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