Griffin REIT Acquires Nokia Facility for $29M

CHICAGO—Many high-tech companies in the metro area have set their sights on downtown properties in the hopes of attracting younger workers that have tired of the suburban lifestyle. But others have decided to make a long-term commitment to the suburbs. Nokia Solutions and Networks’ research and development building in suburban Arlington Heights, for example, has just been sold by Torburn Partners to Griffin Capital Essential Asset REIT, Inc., for $29.54 million.

And NSN, a subsidiary of Nokia, will fund a $10 million renovation of this single-story, 214,185-square-foot building at 1455 W. Shure Dr. on the NSN campus once occupied by Motorola Solutions Inc. NSN hopes to make it attractive to the workforce’s next generation.