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LISLE, IL-The Chicago Regional Council of Carpenters has purchased the 51,000-square-foot office building at 4979 Indiana Ave. The property is a portion of the former Tellabs headquarters, now owned by Lisle Portfolio LLC, a subsidiary of Philadelphia-based Amerimar. The seller was represented by SVP Michael Fortuna and VP Brett Ratay, with Grubb & Ellis’ Office Group, while the union was represented by Jules Marling and Michael Jacobs of Real Estate Research Corp. in the transaction.

“It’s a good story where users in the marketplace like nonprofits and unions are taking advantage of lower prices in the market because everyone else has their hands in their pockets,” Fortuna tells GlobeSt.com. “The Chicago Regional Council of Carpenters has their downtown headquarters and a series of about five suburban offices. Their intent is to close and consolidate all those suburban offices into this location.”

The company will move out of its previously leased suburban location, while maintaining its downtown Chicago office. The Tellabs property totals 210,000 square feet in three buildings spanning 4925-4979 Indiana Ave. It was purchased by Amerimar in early 2004 for $13 million, sources say.

“This was originally Tellabs headquarters where they started the company,” Fortuna says. “Lisle Portfolio LLC was a Philadelphia firm who bought it from Tellabs solely for the purpose of turning it around and selling them off individually. They took them over and went through the zoning process to have the pin numbers separated for the ease of sale and put them back on the market for sale.”

Fortuna declined to disclose a sales price for the most recent transaction. The union’s new office was the final of the three individual properties to sell. “This was the nicest of the three, and I thought it would sell first but it sold last,” he says.

Built in the mid-1980s, the property is located in the western east-west corridor. “There’s not a lot for sale like this on the western edge of the market because most of the buildings are newer and were built as multi-tenant office buildings,” Fortuna says. “The only real space available for sale is office condominiums.”

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