Class A suburban Chicago office portfolio sold to new owner
JLL Capital Markets led sales efforts for the two-building Corridors I and II property in Downers Grove, Illinois
CHICAGO, Jan. 18, 2022 – JLL Capital Markets announced today that it has closed the sale of Corridors I and II, a two-building, Class A office portfolio totaling 301,606 square feet in Downers Grove, Illinois.
JLL represented the seller, Soundview Real Estate Partners, and procured the buyer, Group RMC.
Corridors I and II is located at 2651 and 2655 Warrenville Rd. in the prestigious Eastern-East/West Corridor submarket of Chicago. This location offers immediate access to Interstates 88 and 355 and is visible to more than 260,000 vehicles per day. Corridors I and II is about 25 miles west of Downtown Chicago and is approximately a 25-minute drive to both O’Hare International Airport and Midway International Airport.
Corridors I and II is fully leased to a diverse tenant roster of investment grade and corporate headquarters tenants, including Huntington, Oak Street Health and Citgo. The five-story buildings integrate a “smart park” design and are connected by the fitness center and conferencing facility, allowing for a corporate headquarters feel. Additional on-site amenities include a deli with outdoor seating, a tenant lounge with ping pong and foosball tables and a parking garage.
The JLL Capital Markets team representing the seller was led by Patrick Shields, Sam DiFrancesca, Jaime Fink, Jeff Bramson and Bruce Miller.
“The level of leasing volume since the onset of COVID speaks to the location and desirability of the buildings,” said Shields. “In this environment, there is a flight to credit and long-dated WALT; Corridors was able to offer both to the market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Soundview Real Estate Partners was formed in January 2003 to selectively pursue investment opportunities in the real estate sector. Soundview uses both a joint venture-driven investment model built on an established network of local and regional real estate operators and is a direct investor in select markets where it has market knowledge and an existing management infrastructure to support a direct investment strategy.
About Group RMC
Group RMC is a real estate co-investment group that invests in underappreciated office properties. Group RMC currently owns more than 20 million square feet in the Midwestern and Southern United States. For more, please visit: grouprmcusa.com.