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CarrAmerica Plans to Sell 1M SF in Suburbs in 2006

DEERFIELD, IL-Office buildings in Bannockburn, Lombard and Oak Brook will go to market next year. The 251,018-sf Parkway North I, as well as the rest of one-million-sf Parkway office complex here where CarrAmerica Realty Corp. owns a 35% stake, is a keeper.

By Mark Ruda | Updated on October 31, 2005

(To read more on the debt and equity markets, click here.)

DEERFIELD, IL-With Dallas-base Prentiss Properties Trust expected to divest itself of its Chicago portfolio by the end of the year, another REIT is poised to put nearly one million sf of suburban office assets on the market in 2006. Washington, DC-based CarrAmerica Realty Corp. plans to sell four of its wholly owned properties here, as well as bowing out of Denver.

The suburban Chicago assets include the 316,258-sf Bannockburn Lake Office Plaza IV in Bannockburn, the 289,599-sf Crossings I at 1520 Kensington Rd. in Oak Brook and the 365,698-sf building at 377 Butterfield Rd. in Lombard. The only property CarrAmerica Realty Corp. plans to keep is the 251,018-sf Parkway North I in the one-million-sf Parkway office complex in Deerfield.

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