CHICAGO—The suburban office market may suffer from an overallhigh vacancy rate, but some investors still see opportunities. Asreported in GlobeSt.com yesterday, for example, Golub &Company and its partner Alcion Venturesjust bought Oak Brook Executive Plaza, a389,000-square-foot office complex on W. 22nd St. in west suburbanOak Brook.
“In the suburbs there are a few core markets that stand a goodchance of capturing more than their share of tenants,”Michael Newman, chief executive officer of Golub,tells GlobeSt.com, and this area, “right in the heart of Oak Brooknext to the Oak Brook Center Mall and I-88,”easily qualifies.
Furthermore, “the basic guts of the buildings are in greatshape.” And although the complex was originally built in phasesbetween 1968 and 1980, Newman says it is far from obsolete and hasan occupancy rate of nearly 90%. But the rents it commands do lagsomewhat behind other top properties in Oak Brook, and that createsan opening for Golub and Alcion to add value.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
