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OAKBROOK TERRACE, IL-A private West Coast investor has purchased the 253,000-square-foot Two Lincoln Centre from a private seller. The 10-story Class A office building was listed for $63.6 million, and is currently 100%-leased to Commonwealth Edison. The property was marketed by Jeffrey Thomas, SVP with CB Richard Ellis Net Leased Properties Group.

While fully-leased to electricity provider Commonwealth Edison, the building is not completely occupied by the company, which has subleased 131,000 square feet of the property to IBM. Neither Commonwealth Edison nor IBM occupy their entire spaces. Commonwealth Edison’s lease in the building runs through 2017, and IBM’s sublease through 2011. Asking lease rates in the building are around $19 per square foot, net, Thomas says.

“The private investor liked this building because obviously it’s a very good-looking asset,” Thomas tells GlobeSt.com. “Even if it isn’t occupied fully, it’s fully-leased to two strong tenants with quite a bit of lease term remaining. After those leases, they’ll be able to lease it up.”

The building, which sits on 3.7 acres and includes an adjacent five-level parking garage with 842 spaces, was built in 2001. Thomas says the property was part of a larger fund that was being redeemed, forcing the owner to sell all associated assets. The sales price was not disclosed.

The property was made further desirable to the investor by its assumable loan, Thomas says. “It was sold with a zero cash flow structure with the existing loan in place,” he says. “Properties will existing loans are certainly more liquid in this environment.”

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