Prentiss Properties Trust paid $65 million for One O'Hare Centre in 1998, financing the purchase with a mortgage at 6.8% from New York Life Insurance Co. The balance on the mortgage, which comes due in five years, was most recently $38.6 million.
Main tenants at the building, most recently 77% occupied, include Deerfield Capital and First Union. Built in 1984, One O'Hare Centre is the first acquisition in the Midwest US for GLL Real Estate Partners GmbH. The deal was done on behalf of European institutional investors.
Another building in this O'Hare area suburb, the 232,944-sf O'Hare Plaza II at 8755 W. Higgins Rd., is among Prentiss Properties Trust holdings under letters of intent. Holliday Fenoglio Fowler managing director Jaime Fink represented Prentiss Properties Trust.
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