Blackstone Cashing Out Huge In The Suburbs
Investor appetite in suburban Chicago office holdings continues to grow, with a slew of eight- and nine-figure deals inked this summer. Now comes news that Blackstone Group and Adventus Realty Trust are inking the biggest office sale in the burbs in two years.
Adventus is buying Riverway, a three-building, 869k SF office complex in Rosemont, from Blackstone for $175M. It's the largest office deal since April 2014, when Select Income Trust bought Tellabs' Naperville HQ in a $187.5M sale-leaseback, according to Crain's.
Investors are scouring the suburbs seeking Class-A office properties as vacancy rates continue to fall and rent spreads are rising. This is Blackstone's second nine-figure suburban office deal in the past month. It's selling Commerce Plaza, a three-building complex in Oak Brook, to Zeller Realty for $125M. Zeller is also paying $74M for Woodfield Preserve Office Centre in Schaumburg. Other major deals include Equus Capital's $80M acquisition of Mid America Plaza in Oak Brook and Fulcrum Asset Advisors' $80M deal for Deerfield's Parkway North complex. [Crain's]