Investment Group Buys 533K-SF Bioscience Campus
American Landmark Properties acquired the Illinois Science & Technology Park on Searle Parkway in Skokie, IL. The local buyer paid seller Forest City Realty Trust Inc. $77 million for the 533,000-square-foot bioscience, pharmaceutical and nanotechnology office campus. Forest Park acquired the campus in 2005, when it was a single-user pharmaceutical research campus belonging to Searle Pharmaceuticals.
The new owner is planning a new development on the 24-acre campus site, which could include a 500,000-square-foot residential and retail project. Plans could also include up to 1.3-million-square-feet of new office and lab facilities. CBRE’s Scott Brandwein and David Saad have been retained to lease up both the vacant and planned space in the park.
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