BentallGreenOak sells office in greater Chicago area
Transactions - DECEMBER 12, 2019

BentallGreenOak sells office in greater Chicago area

by Andrea Zander

BentallGreenOak’s U.S. Core Fund has sold the office located at 3500 Lacey Road, a class A office tower totaling 583,982 square feet in the Chicago-area community of Downers Grove, Ill. The sales price was $128.5 million.

The buyer was 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 percent leased, the building has a diverse rent roll comprising world-renowned corporations and publicly traded companies. On-site amenities include a ballroom, deli, conference facility, six-level parking deck, and a car wash and detail service.

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