The Oakbrook Terrace Tower. Picture courtesy of Hiffman Nationwide
Hiffman Nationwide has been chosen by BLK IL Tower LLC to handle a 31-story workplace constructing in Oakbrook Terrace, Sick. The Oakbrook Terrace Tower totals 792,000 sq. ft and is the tallest standing asset within the state outdoors the town of Chicago.
Situated at 1 Tower Lane, the constructing incorporates a health middle, pool, convention middle, deli and a Starbucks. An underground parking storage, EV charging stations and a automotive wash are additionally accessible on the property.
Accomplished in 1986 and designed by Helmut Jahn, the workplace tower is on an roughly 15-acre web site, in line with CommercialEdge information. The constructing was acquired by EQ Workplace in 2015 for $119 million.
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Oakbrook Terrace Tower is located on the intersection of Route 83 and Roosevelt Street, offering tenants with straightforward transportation entry into Chicago and all through the encompassing space. Downtown Chicago is nineteen miles east of the asset, offering quite a lot of eating, leisure and retail choices. Oakbrook Middle mall, that includes greater than 160 storefronts, is inside strolling distance, whereas the O’Hare Worldwide Airport is 15 miles north of the property.
The LEED Inexperienced Constructing licensed asset is 75 % occupied. Tenants embody Bosch, IMG Applied sciences, ECC Insurance coverage Brokers, LifeStart, RMKC and Nordic Vitality, the identical information exhibits.
Together with six of the property’s previous administration crew members, Hiffman Nationwide’s Carrie Szarzynski, senior vp, and Heather Battaglia, portfolio supervisor, will lead administration operations for the constructing.
Chicago workplace panorama
As of October, Chicago asking rents for workplace belongings got here in at $27.78 per sq. foot, decrease than the nationwide common by $9.93, in line with a latest CommercialEdge report. Regardless of decrease asking costs, the town clocked within the largest gross sales quantity within the Midwest year-to-date, with $858 million in workplace offers accomplished.
Not too long ago, a 46-story workplace tower in Northbrook, Sick., landed a brand new 40,000-square-foot lease signed by UL Options. The downtown constructing spans roughly 1.2 million sq. ft and contains 11,000 sq. ft of retail area.
