Suburban Chicago Office Landlords Test the Current Sales Market
One nearly full suburban office building and another that’s mostly empty have gone up for sale, Crain’s Chicago Businessreported. The two listings will test investor appetite for suburban commercial properties while rising interest rates make them more expensive to finance.
In one of the offerings, a venture of Axial Real Estate Advisors has hired JLL’s Chicago office to sell the Bannockburn Corporate Center property at 3000 Lakeside Dr. in the northern suburb. JLL is positioning the 210,533-square-foot property as a stable source of cash flow at 91.5% leased.
In the other offering, a joint venture of Davidson Kempner Capital Management and LXP hired the local office of Colliers to sell the nearly vacant office building at 231 N. Martingale Rd. in northwest suburban Schaumburg, IL, previously home to for-profit education company Career Education. Colliers is playing up the former Career Education building as a redevelopment candidate, reported Crain’s.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).