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Inland Western Retail Pays $220M for Hewitt Campus

LINCOLNSHIRE, IL-Hewitt Associates Inc. will pay $13 per sf to lease the four buildings totaling 1.2 million sf, which were sold to the Oak Brook-based REIT.

By Mark Ruda | Updated on June 10, 2005

LINCOLNSHIRE, IL-One of the largest suburban office deals in recent years has been done by a rapidly growing REIT outside of the sector. Oak Brook-based Inland Western Retail Real Estate Trust Inc. has paid $220 million for Hewitt Associates Inc.’s four-building, 1.2-million-sf campus on Route 22.

The human resources consulting firm occupies all four buildings at 90, 98 and 100 Half Day Rd. (Route 22), as well as 4 Overlook Point. The buildings were constructed from 1974 to 1996. Inland Western Retail Real Estate Trust says in a recently filed prospectus that it used a $129.8-million, 25-year, interest-only loan at 5.04% to buy the sprawling office campus, which was owned by FORE Holdings, LLC, an entity related to Hewitt Associates.

The acquisition is the largest in a recent round of 11 buys by the fast-growing REIT, which continues to buy properties east of the Mississippi River as well as outside the retail sector. The next-largest acquisition is 507,615-sf center in Williston, VT, anchored by Shaw’s Supermarket, which the REIT picked up for $102.3 million.

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