JLL closes $128.5M sale of trophy office tower in Chicago
Positioned in the East-West Corridor, which has the highest concentration of suburban office space in Chicago
CHICAGO, December 11, 2019 – JLL announced today that it has closed the $128.5 million sale of 3500 Lacey Road, a Class A trophy office tower totaling 583,982 square feet in the Chicago-area community of Downers Grove, Illinois.
JLL marketed the property on behalf of the seller, BentallGreenOak’s US Core Fund, and procured the buyer, KORE Investments.
3500 Lacey Road is ideally located at the convergence of Interstates 355 and 88 in the East-West Corridor submarket, which contains the highest concentration of suburban office space in Chicago. The 19.03-acre site has immediate access to the Yorktown-Oak Brook retail corridor and executive housing stock in Oak Brook, Hinsdale, Burr Ridge and Clarendon Hills. Additionally, the Class A property is situated on the Esplanade campus, which offers an abundance of amenities, including the Doubletree Hotel, Bright Horizons Daycare, The Esplanade Fitness Center and a shuttle service between the property and the Metra BNSF Line Belmont Station. Designed by Skidmore Owings Merrill, 3500 Lacey has undergone more than $7.4 million of capital improvements since 2014, positioning it as one of the premier multi-tenant office buildings in suburban Chicago. Currently 96.9% leased, the building has a diverse rent roll comprising world renowned corporations and publicly traded companies. On-site amenities include a ballroom, on-site deli, conference facility, six-level parking deck and car wash and detail service.
The JLL Capital Markets team representing the seller was led by Senior Director Patrick Shields, Senior Managing Directors Jeff Bramson and Jaime Fink, Director Sam DiFrancesca and International Director Bruce Miller.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bentall Kennedy
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with expertise in the asset management of office, retail, industrial and multi-residential property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep local knowledge, experience and extensive networks in the regions where it invests and manages real estate assets on behalf of its clients. BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life. For more information, please visit bentallgreenoak.com.
About KORE Investments
KORE Investments specializes in commercial real estate investments and management, as well as co-working operations. KORE’s mission is “To create value in the lives of everyone we serve through high-quality real estate investments and management.” This is KORE’s second office product acquisition in the Chicago metro area. To learn more, please visit: koreinvest.com.