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Kemper Lakes Office Campus Goes to BPG Properties

LAKE ZURICH, IL-The Philadelphia-based repositioning experts pay $30.5 million to Lumbermens Mutual Casualty Co. for the four-building, 1.1-million-sf Kemper Lakes Corporate Office Campus on Half Day Road. BPG Properties, Ltd. plans a $25-million upgrade.

By Mark Ruda | Updated on March 23, 2005

LAKE ZURICH, IL-BPG Properties, Ltd. has paid $30.5 million for the four-building, 1.1-million-sf Kemper Lakes Corporate Office Campus, with plans to spend another $25 million upgrading the property on Half Day Road. The Philadelphia-based repositioning experts bought the property from Lumbermens Mutual Casualty Co., a Kemper Insurance Co. affiliate, for its $384-million Investment Partnership VI, L.P.

Senior vice president Joseph I. Neverauskas says the Lake County location made the office campus an attractive acquisition target for the company, which recently changed its name from Berwind Property Group. “In the Chicago metropolitan area, Lake County has historically been a desirable location for corporate headquarters,” he says. “As the economy continues to strengthen, we anticipate significant growth in the market as companies currently located in Lake County expand, and others decide to relocate to the area.”

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