Workspace Property Trust announced its second phase of acquisitions from Griffin Realty Trust, totaling $170.4M and 1M SF across six Class-A suburban office buildings throughout the country. The sale includes one 283K SF suburban Chicago property at Three Overlook Point in Lincolnshire.
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This deal adds to the 53 properties Workspace acquired from Griffin in August 2022, bringing the total acquisition to $1.3B for 59 properties.
“Investing in the suburban office market has evolved quickly from a contrarian play into a sought-after, mainstream and competitive sector as the suburbs continue to perform well, characterized by continued robust leasing activity fueled by strong demand from larger, national tenants to increase their footprint outside of central business districts,” Workspace Chairman and CEO Thomas A. Rizk said in a press release.
The purchase also included properties in Irving, Texas; West Chester, Ohio; San Jose, California; and Greensboro, North Carolina.
PEOPLE
Michael Townsend was promoted to principal at Gensler Chicago. He is a design director and leader of the mixed-use and retail centers practice for Gensler’s North Central region.
SALES
Interra Realty brokered the sale of a six-building multifamily portfolio with 204 units in Chicago’s Kenwood neighborhood for $27M.
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DMG Capital purchased the Alice Mae Townhome portfolio, consisting of 16 townhomes in southwest suburban Orland Park, for $5.36M.
FINANCING
Northmarq’s Chicago-St. Louis team secured the contribution and financing of Orchard Park and Orchard Park South, two multifamily properties consisting of 404 units in Springfield, Illinois. Northmarq's Alex Malzone, Parker Stewart and Dominic Martinez arranged the $27M contribution of the properties, and Brett Hood, managing director of Northmarq’s Chicago debt and equity team, secured a permanent fixed-rate Freddie Mac loan for the borrower.
The owner, a local investor, contributed the properties to an affiliate of MLG Legacy Fund and its real estate investment manager, MLG Capital, based in Brookfield, Wisconsin.
THIS AND THAT
The Building Owners and Managers Association of Suburban Chicago hosted its annual Holiday and Awards Lunch at Carlisle Banquets in Lombard. Honorees included Newmark Vice President Natalie Cico, who was named member of the year; American Landmark Properties Chief Engineer Robert Hageman, who won engineer of the year; and Matt Roberts, who was the winner of the new diversity, equity and inclusion award. Roberts was the first chair of BOMA Suburban Chicago’s DEI Committee.
Other winners included Painters USA's Matt Nichols, who won associate member of the year, and Bradford Allen's Laura Peccarelli, who took home emerging leader of the year.
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