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UPDATE: Tishman Speyer Pays $39M for Central Park Buildings

LISLE, IL-A joint venture between JP Morgan and Indianapolis-based Duke Realty Corp. gets $61 per sf for the 15-year-old 4225 Naperville Rd. and six-year-old 3333 Warrenville Rd. The deal includes land to build a third, 296,542-sf building.

By Mark Ruda | Updated on March 28, 2006

LISLE, IL-Seeing plenty of upside in the East-West office submarket, Tishman Speyer Properties has picked up 640,632 sf in two buildings in Central Park of Lisle, getting them for a reported $61 per sf. According to public documents, a joint venture between JP Morgan and Indianapolis-based Duke Realty Corp. got $39.3 million for 4225 Naperville Rd. and 3333 Warrenville Rd. Representatives from CB Richard Ellis, however, say this amount is “way off the mark,” and sources close to the deal say the transaction closed at $165 per sf, or $106 million.

Located on 25.6 acres along Interstate 88, the two buildings are just 71% leased. However, the buildings should be able to attract and retain tenants, according to a CB Richard Ellis team of Michael Caprile, Bill Novelli, Mark Hellwig, Jeff Mann and Stephanie Park. They represented Dugan Realty LLC, a joint venture between JP Morgan and Duke Realty Corp., which sold the 15-year-old, six-story 4225 Naperville Rd. and six-year-old, eight-story 3333 Warrenville Rd.

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