Class A office park in northern Chicago suburbs trades via HFF
CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Corporate 500, a four-building, Class A office park totaling 697,673 square feet in the northern Chicago suburb of Deerfield.
HFF marketed the sale on behalf of GE Capital Real Estate. Cornerstone Real Estate Advisers, acting on behalf of an institutional client, purchased the asset for an undisclosed amount free and clear of debt.
Corporate 500 is situated at 500 Lake Cook Road between the Edens Expressway (I-94) and the Tri-State Tollway (1-294) and adjacent to the Lake Cook Metra station providing access to Chicago’s central business district. The property is 93.4 percent leased with Beam Suntory as the anchor tenant for its North American headquarters. Other notable tenants include American Imaging Management, Fortune Brands’ corporate headquarters and Horizon Pharma’s North American headquarters.
The HFF investment sales team representing the seller was led by managing director Mark Katz and senior managing directors Mike Kavanau, Jeff Bramson and Jaime Fink.
“Corporate 500 presented the rare opportunity for an investor to acquire a trophy Chicago property of timeless design that has only been offered for sale once in its illustrious history. Its exceptional combination of attributes is unmatched and positions the property as the ideal suburban office complex today and into the future,” said Katz. “We are excited to have worked on this generational opportunity.”
“Corporate 500 serves as the headquarters for 23 tenants thanks in part to its idyllic corporate setting, large efficient floor plates, unmatched amenity base and unrivaled transportation access,” added Kavanau. “Its location between the Edens and Tri-State provides access to a wide labor pool and the North Shore’s executive housing.”
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.