The Largest Suburban Office Sale Of 2016 Is A Loss For The Seller
This week's hotbed of sales activity is Oak Brook. Hot on the heels of American Landmark Properties acquiring One and Two Oak Brook Place in a $24M deal comes news that Equus Group is nearing a deal for Mid America Plaza.
Equus is believed to be paying $190/SF for the twin 10-story towers, which puts the purchase price at around $80M. It's the largest suburban office deal of 2016 to date, but the seller is taking a loss, according to Crain's. The Illinois Teachers’ Retirement System, advised by KBS Realty Advisors, bought Mid America for $99.4M in 2007, during the peak of the previous real estate cycle.
Equus is buying the property as the burbs are in a steady recovery from the real estate crash. Mid America Plaza is 87% occupied. [Crain's]