News
Chicago Office

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]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia

Ken Griffin Completes Takeover Of Brickell Block, Setting Stage For $2.5B Megaproject

Private Equity Firm Buys Former Texas Instruments Campus For New Headquarters

DFW Office Footprints Likely To Shrink As AI Use Increases And Companies Battle For Talent