December 13, 2017 Comments Off on Suburban Chicago Office Campus Sold for $78.3M Views: 1999 Illinois, Midwest, National News

Suburban Chicago Office Campus Sold for $78.3M

One Pierce Place and 500 Park Boulevard, a two-building suburban office campus totaling 976,000 square feet in the suburban Chicago community of Itasca, IL, sold for $78.3 million. The buyer was a partnership between Balfour Pacific Real Estate Fund IV, a private equity real estate fund of Balfour Pacific Capital Inc., and Hamilton Partners.  The seller was a partnership between Long Wharf Capital LLC and Hamilton Partners.

The assets are located within the Hamilton Lakes Business Park at Interstate 290 and Thorndale Avenue in the Northwest Suburban submarket. One Pierce Place was renovated in 2012, and is 91% leased with notable tenants Houghton Mifflin Harcourt and Epsilon. Renovated in 2015, the 94%-leased 500 Park Boulevard boasts Keyence Corporation, The Boler Company and Hitachi, among its notable tenants.

HFF’s Bryan Rosenberg, Patrick Shields, Mark Katz, Jeff Bramson and Jaime Fink marketed the property on behalf of the seller, and procured the buyer.

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