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EXCLUSIVE: Buck Closes on 631,445-SF Triangle Plaza for $90M-Plus

CHICAGO-Counting on a turnaround in O'Hare's sluggish office market, the John Buck Co. acquires the two-building Triangle Plaza at 8750 and 8770 W. Bryn Mawr Ave. Connecticut-based Starwood Capital Group, which is selling the 80%-leased property, is getting out just as a "substantial" amount of leases are to expire.

By Dana Dubriwny | Updated on March 15, 2006

CHICAGO-The John Buck Co. Wednesday closed on the purchase of Triangle Plaza, a two-tower office plaza totaling 631,445 sf. Located in the O’Hare submarket, the complex sits along Interstate 90 at 8750 and 8770 W. Bryn Mawr Ave.

The seller, Triangle Plaza Venture LLC, a Starwood Capital Group company, retained the property for seven years before deciding to sell. Reports indicate Starwood purchased the property in 1998 for a little less than $100 million. The buildings, built in 1985, are each 14 stories with 23,000-sf floorplates.

According to Starwood rep Robert Rizzi, executive vice president with New York City-based Broad Street Advisors, LLC, the company felt the time was right to sell. With a current 80% occupancy, Rizzi says the plaza is on the brink of “substantial” lease expirations. In March, Starwood awarded Jones Lang LaSalle the leasing and management assignment for the complex.

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