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Group RMC Sets Deals for Four Downers Grove Office Properties
New York-based Group RMC is finalizing contracts to buy four Downers Grove, IL office properties for a total of nearly $100 million, Crain’s Chicago Business reported. They include three buildings in the Corridors office park and the Highland Landmark III office building a few miles away, according to sources familiar with the agreements.
For Group RMC, the acquisitions will mark a return to familiar territory in Chicago’s western suburbs. The company paid nearly $250 million in 2018 alone for properties in Downers Grove and Westchester.
The pending purchases amount to one of the most ambitious bets on the future of the suburban office market since the start of the public health crisis, which has slowed new leasing activity and spurred a slew of sublease listings and space cutbacks. Yet Group RMC is part of a recently growing pool of buyers betting brighter days are ahead for suburban offices, reported Crain’s.
Rendering of Corridors III in Downers Grove courtesy of Estero Development.
- ◦Sale/Acquisition
