Zeller Realty Group paid $7.2 million in 1996 for the building off Michigan Avenue. It sold the 22-year-old building 92% occupied, with a tenant roster that includes Berman Center LLC, FireStar Communications, the Focus Centre of Chicago, LKH&S Inc., and Ruder Finn Inc.

After buying the two-building, 100,000-sf Prairie Stone Commons in Hoffman Estates in early 2005 for more than $14 million, Younan Properties spent nearly $36 million in the last six months to add the 158,879-sf One North Arlington in Arlington Heights and 140,196-sf Embassy Plaza in Schaumburg to its portfolio. "We believe Chicago is one of the country's most promising office markets," says chairman and chief executive officer Zaya Younan. "We see a significant recovery in office demand."

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.