New Ownership for Suburban Chicago Office Park

As demand for quality office space in Chicago continues to grow, investors are flocking to the suburbs in search of hidden gems.
Corporate 500

Corporate 500

As demand for quality office space in Chicago continues to grow, investors are flocking to the suburbs in search of hidden gems.

A four-building office park in the northern Chicago suburb of Deerfield has recently changed hands in a deal arranged by HFF. Corporate 500 is a Class A, 697,673-square-foot office complex located at 500 Lake Cook Road. The property offers easy access to both I-94 and 1-294, while also being adjacent to the Lake Cook Metra station providing access to the Chicago CBD.

According to a news release, HFF marketed the office park on behalf of GE Capital Real Estate, enlisting the help of an investment team led by managing director Mark Katz and senior managing directors Mike Kavanau, Jeff Bramson and Jaime Fink. Cornerstone Real Estate Advisers acquired the asset, working on behalf of a confidential client. The price tag for Corporate 500 has not been disclosed.

“Corporate 500 serves as the headquarters for 23 tenants thanks in part to its idyllic corporate setting, large efficient floor plates, unmatched amenity base and unrivaled transportation access,” said Kavanau in the news release. “Its location between the Edens and Tri-State provides access to a wide labor pool and the North Shore’s executive housing.”

The Corporate 500 office complex is currently 93.4 percent occupied. Notable tenants include Beam Suntory, American Imaging Management, Horizon Pharma’s North American headquarters and Fortune Brands’ corporate headquarters.

Image courtesy of JLL

Check out further data on Chicago’s office market.