Another Major Suburban Office Deal Is Sealed
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Patterns are emerging in local real estate, six months into 2016. One of them: suburban office sales are getting hot. The latest: The John Buck Co divested itself of three buildings in Deerfield, in a high eight-figure deal.
Fulcrum Asset Advisors acquired 3, 6 and 9 Parkway Blvd N (shown) from Buck for a reported $80M. Fulcrum is believed to have JV'd with White Plains in the deal, according to Crain's. Tenants in the portfolio include Mondelez International, Walgreens Boots Alliance and Dutch pharmaceutical firm Lundbeck.
The suburban office market is on a steady recovery after crashing during the recession. A JLL report shows Q1 overall vacancy rates at 18.9%, the lowest since 2002. For Buck, the deal marks a continued focus on real estate projects within Chicago's borders. Other recent suburban deals of note include Equus Group's $80M deal for Mid America Plaza in Oak Brook, and American Landmark Properties buying One and Two Oak Brook Place in a $24M deal. [Crain's]