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ITASCA, IL-New York City-based Falcon Real Estate Investment Co. LP, is selling a 75,000-sf office building at 425 Spring Lake Dr. in the Spring Lake Business Park. Falcon Real Estate sold the building on behalf of an “offshore private investor,” says Scott Sweeney, executive vice president of Falcon. The sales price is nearly $8.8 million, or $117 per sf.

The two-story building was constructed as a build-to-suit facility for Riverside Publishing on a 7.2-acre parcel in 1996. The building has a two-story atrium lobby and a cafeteria. The property has visibility from Interstate 355 and Interstate 290 and is located near O’Hare International Airport.

Riverside Publishing had a 10-year lease for the building and vacated the building to move into a larger facility, Sweeney says. The division of Houghton Mifflin Co., which provides testing products and services to schools, is now headquartered in an 116,693-sf building at 3800 Golf Rd., Rolling Meadows, IL, according to information from the company’s website.

The vacant building is located in a submarket with an approximate 20% office vacancy rate. Falcon had looked into both attempting to lease up the facility as well as selling the building, Sweeney says. “We did kind of a dual market for lease and also market for sale to owners/users,” he says. Falcon later determined that costs to renovate the building for a new tenant and concessions would not be justified by the low lease rates in the market. Gift of Hope Organ & Tissue Donor Network acquired the building with plans to move their operations there from 660 N. Industrial Dr., Elmhurst, IL. “They own their current building out in the Chicago area and their strategy was to get a larger, more modern facility,” Sweeney says. Gift of Hope was interested in the facility because it is a single-tenant building, has interstate visibility and has limited access.

The organization also has the possibility of expanding on the site in the future. Gift of Hope plans to then sell the Elmhurst location, he says.

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