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Golub, Intercontinental Buy Meadows Corporate Center

ROLLING MEADOWS, IL-"Intercontinental is bullish on the suburban Chicago market," says chief executive officer Peter Palandjian, especially when it finds one at $84 per sf. It partners with Golub & Co., which will manage the 550,000-sf asset along the Northwest Tollway.

By Mark Ruda | Updated on November 19, 2004

ROLLING MEADOWS, IL-The 550,000-sf, two-building Meadows Corporate Center has been sold to a joint venture between Chicago-based Golub & Co. and Boston-based Intercontinental Real Estate Corp. for a reported $46 million, or less than $84 per sf. The asset at 2550 and 2850 W. Golf Rd., along the Northwest Tollway just east of I-290/Route 53, was 85% leased when it was sold by Government of Singapore Investment Corp.

The 15% vacancy at Meadows Corporate Center compares to a 24.8% overall rate in the Northwest Suburban submarket, according to US Equities Realty’s most recent market report. That vacancy is topped only by the East-West Corridor, but close to the overall rate for the entire 79-million-sf suburban Chicago office universe. “Intercontinental is bullish on the suburban Chicago market and is continuing to actively seeking additional high-quality assets, particularly those with a significant discount to replacement cost,” says Intercontinental Real Estate chief executive officer Peter Palandjian.

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