Friday, June 26, 2015

Class A office park in northern Chicago suburbs trades via HFF


Corporate 500, 500 Lake Cook Road,  Deerfield, IL


Mark Katz
CHICAGO, IL –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Corporate 500, a four-building, Class A office park totaling 697,673 square feet in the northern Chicago suburb of Deerfield.

HFF marketed the sale on behalf of GE Capital Real Estate.  Cornerstone Real Estate Advisers, acting on behalf of an institutional client, purchased the asset for an undisclosed amount free and clear of debt.

Corporate 500 is situated at 500 Lake Cook Road between the Edens Expressway (I-94) and the Tri-State Tollway (1-294) and adjacent to the Lake Cook Metra station providing access to Chicago’s central business district.

 The property is 93.4 percent leased with Beam Suntory as the anchor tenant for its North American headquarters.  Other notable tenants include American Imaging Management, Fortune Brands’ corporate headquarters and Horizon Pharma’s North American headquarters.

The HFF investment sales team representing the seller was led by managing director Mark Katz and senior managing directors Mike Kavanau, Jeff Bramson and Jaime Fink.

Mike Kavanau
“Corporate 500 presented the rare opportunity for an investor to acquire a trophy Chicago property of timeless design that has only been offered for sale once in its illustrious history,” said Katz.  

 “Its exceptional combination of attributes is unmatched and positions the property as the ideal suburban office complex today and into the future. We are excited to have worked on this generational opportunity.”

“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,” added Kavanau.  

“Its location between the Edens and Tri-State provides access to a wide labor pool and the North Shore’s executive housing.” 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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