HAVE FUND, WILL ACQUIRE
|BPG Properties has $400 million of discretionary equity remaining in its eighth fund and is looking for properties that it can offer creative solutions. Yesterday, we stopped by the Chicago offices of the 30-year-old private equity fund manager and found it willing to make a quick decision and maybe recapitalize a distressed property.|
We snapped Joe Neverauskas, left, who founded the branch in '01. Now his 10-person team includes Brant Glomb, Matt Latimer, and Kelly Gibbel. Joe oversees the BPG portfolio from the Midwest to the West Coast, totaling about 10M-SF. In Chicagoland, BPG is best known for its two suburban office projects, Tallgrass Corporate Center in Bolingbrook and Kemper Lakes Corporate Center in Long Grove. Matt is also overseeing the leasing of a retail space on the ground level of a South Loop student housing center at 8th and State, which is managed by BPG's Madison Apartment Group.
In Kemper Lakes and Tallgrass, the company took buildings that weren’t intended as multi-tenant office space and made them into just that. While the suburban markets are taking a hit, they managed to get Tallgrass (which uses to be a a single-user campus for Tellabs) 87% leased before the recession. BPG has since renovated the lab and warehouse space into offices with skylights and common area amenities like a fitness center. BPG also owns its own office building (200 S. Michigan, across from Millennium Park), has renovated it, and received the TOBY award that effort.