Joint Venture Acquires 300,000 SF Suburban Chicago Office Park
- Aug 15, 2013
Transwestern Investment Group recently announced it has acquired two Class A office buildings in the East-West Corridor office market outside Chicago. The properties were acquired by a joint venture between Transwestern Sponsorship Equity Partners and Soundview Real Estate Partners for an undisclosed amount.
Located at 2651 and 2655 Warrenville Road in Downers Grove, Illinois, Corridors I and II feature a total of 299,792 square feet and five parking spaces per 1,000 square feet. “The Corridors fits our strategy to acquire high-quality, well-located suburban office buildings with above top-of-market parking ratios,” said Brandon Allen, TIG acquisition officer. “At 51 percent leased, the project is an excellent choice for tenants in need of a large block of contiguous space. Additionally, we are excited to work with the Soundview Real Estate Partners team, whose decisive and experienced approach proved valuable on this highly sought after asset.”
Situated adjacent to the intersection of the East-West Tollway (Interstate 88) and North-South Tollway (Interstate 355), around 25 miles west of downtown Chicago, the five-story office buildings were completed in 1998 and 1999 by Chicago-based Alter Group as part of the Corridors Office Park. The property is located in DuPage County, one of suburban Chicago’s most desirable office markets due to its accessibility, strong demographics and large number of corporate office space users.
“The East-West Corridor office market continues to outperform the rest of suburban Chicago in terms of deal velocity and completed transactions,” said Fred Ishler, Transwestern senior vice president. “We are optimistic that the recent upturn in the market will result in a rapid lease-up of the buildings.”
Transwestern will provide leasing and management services for the buildings.
Photo Courtesy of: www.altergroup.com