X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

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?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.