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Forman Capital Closes Acquisition Loan for Oak Brook Office Plaza
Forman Capital has closed a $6.8 million loan for the acquisition of Butterfield Office Plaza, a distressed office asset in Oak Brook, Illinois.
Forman Capital was represented by Managing Partner Brett Forman, Partner Ben Jacobson, Chief Investment Officer and Partner Scott Mehlman, Vice President Ty Regnier, and Analyst Cam Fleury. Chicago-based GTZ Properties acquired the suburban office complex for less than $9 million.
Butterfield Office Plaza is a four-building campus totaling 308,921 rentable square feet on 17 acres. GTZ’s managing partners, Mitch Goltz and Jeremy Forman, have already leased 30,000 square feet of office space and are in talks with a large retailer about a complete redevelopment option on another portion of the property.
The developer will consolidate all tenants into two buildings totaling 95,511 square feet and redevelop the other two. Brendan Reedy of MidAmerica is marketing the site, and Matt Tarshis of Frontline Real Estate brokered the transaction and will stay on as property management.
