Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROSEMONT, IL-Duke Realty Corp. has paid $257 million for five buildings totaling 1.4 million sf here, acquiring the Riverway and O’Hare International Center from giant retail REIT Simon Properties Group, Inc. The three buildings at Riverway, located at the southeast corner of Higgins and River roads, total 877,000 sf while the other two O’Hare International Center buildings at Higgins and Mannheim roads add up to another 517,000 sf.

The properties have long been on the radar of the office and industrial REIT. Duke Realty Corp. thought it had a deal for the properties in 2002, but Simon Properties Group pulled out to avoid an extra capital gains distribution.

“For a number of years we have been looking for the right position in the O’Hare submarket, which we believe is one of the best long-term submarkets in Chicago because of its central location,” says Duke Realty Corp. chairman and chief executive officer Dennis Oklak, whose company owns a 95,600-sf building in Park Ridge. “The submarket has a very limited supply of land positions for new developments, which should provide an environment conducive to future rental rate growth.”

For Simon Property Group, the assets were non-core holdings, chief executive officer David Simon has said.

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


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.