Office N Illinois

JLL closes $128.5M sale of trophy office tower in Downers Grove, Illinois

JLL closes 128.5M sale of trophy office tower in Downers Grove, Illinois,ph1

JLL closed the $128.5 million sale of 3500 Lacey Road, a Class A trophy office tower totaling 583,982 square feet in the Chicago-area community of Downers Grove, Illinois. JLL marketed the property on behalf of the seller, BentallGreenOak’s US Core Fund, and procured the buyer, KORE Investments.

3500 Lacey Road is 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-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 car wash and detail service.

The JLL Capital Markets team representing the seller was led by senior director Patrick Shields, senior managing directors Jeff Bramson and Jaime Fink, director Sam DiFrancesca and international director Bruce Miller. The deal ws secured by HFF prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas (IL) LP.