Transit-oriented, trophy office property in Chicago attracts Angelo Gordon as buyer
JLL handles $147 million sale of Presidents Plaza in Chicago's O'Hare submarket
CHICAGO, April 12, 2018 — JLL's Capital Markets experts today announced the completion of the $147 million sale of Presidents Plaza, a pair of Class A office buildings at 8600 & 8700 W. Bryn Mawr Avenue in the O'Hare submarket of Chicago. Angelo, Gordon & Co., a $28 billion alternative investment firm focused on real estate and credit investing, bought the assets. The seller, a partnership between Chicago's GlenStar Properties, LLC and a global real estate investment manager, has owned the property since 2006. Glenstar is currently the buildings' leasing and managing service provider, and will partner with Angelo, Gordon & Co. to provide services and building upgrades moving forward.
Managing Directors James Postweiler and Peter Harwood led the JLL team handling the transaction.
"We continue to see demand for large office spaces that have been upgraded, especially in the O'Hare submarket where tenants enjoy exceptional accessibility," said Postweiler.
Developed in 1980, the buildings total 834,893 square feet and are 92.4 percent leased to a high caliber roster of institutional-quality and investment grade tenants. The property, which is LEED Silver and EnergyStar certified, has been institutionally maintained and has received more than $15 million in capital renovations since 2016, including improvements to building systems, lobbies, entrances, canopies and landscaping. The property also features a host of amenities, including a 17,900 square foot fitness center, a state of the art conference center, café, hair salon/barber, convenience store, tenant lounge and a full-service car wash.
"Presidents Plaza is ideally located in O'Hare, which has emerged as Chicago's strongest suburban submarket due to its direct access to downtown mass-transit and convenient drive times to the city's residential neighborhoods," said Scott Glassberg, Vice President for Angelo Gordon. "Angelo Gordon's purchase of Presidents Plaza underscores our commitment to investing in well-managed, Class A properties with first-class amenities."
"We saw an opportunity with Presidents Plaza to use our in-house leasing, management and development expertise to add value to a significant asset by positioning it for a wider range of tenants seeking transit-oriented, modern, efficient space in a highly appealing location," added Michael A. Klein, Managing Principal and Co-founder of GlenStar Properties.
The property is directly west of the four-way interchange of I-90 and Cumberland Avenue and is approximately three miles East of the O'Hare International Airport. The property features a Chicago address, which is an important differentiator for tenants seeking a suburban location, while remaining associated to Chicago.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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About Angelo, Gordon & Co.
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988. The firm currently manages approximately $28 billion with a primary focus on credit and real estate strategies. Angelo, Gordon has over 450 employees, including over 170 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.