American Landmark Properties Acquires Oak Brook Office Asset
Oak Brook has been one of the suburbs' strongest office markets for years. That will continue even with McDonald's pending move to the West Loop. TA Associates recently sold two Oak Brook office buildings to American Landmark Properties for $24M.
For TA Associates, the deal is a wash. The firm acquired One and Two Oak Brook Place for $23.5M in 2005, just as the last real estate cycle was peaking. The total footprint of the two three-story buildings is 180k SF and the assets are 94% occupied, according to Crain's.
American Landmark Properties, by the way, was part of the investor group that sold Willis Tower for a record $1.3B last year. [Crain's]