X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NORTHBROOK, IL-Office products company ACCO Brands Corp. has sold its 56,700-sf building at 1135 Skokie Blvd. to global chemical manufacturer Stepan Chemical Co. for $6.5 million. ACCO sold the Class B building as part of a consolidation of office space following its purchase of General Binding Corp., which formerly occupied the building.

Grubb & Ellis SVPs Louis Hall, Dirk Riekse and Chad Galayda represented ACCO in the sale, while Cushman & Wakefield represented Stepan. “Our building lends itself to increased visibility for Stepan, because of the signage,” Hall tells GlobeSt.com. “For what we sold it for, the economics were still strong for them to purchase rather than lease. It has identity, close proximity to their existing headquarters, and it was the right size for them.”

Stepan began seeking new property when they lost 50,000 sf they formerly occupied in a New Trier High School building. The company will maintain its headquarters in a building it owns just to the south of its new building on Skokie.

The building was on the market for only a few months, Hall says. The property is in the north suburban market, which may explain its rapid sale. “It’s the tightest market out of all the suburban submarkets,” Hall says. “For this type of property, it’s doing well and there’s quite a bit of activity in the 50,000 to 100,000-sf range. We were excited to sell it in this challenging economy, but we got lucky and had a good client and market.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.