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Washington Point Sells for $37M in TIC Play

NAPERVILLE, IL-On behalf of 28 individual investors, Griffin Capital acquires the 163,623-sf Washington Pointe office building.

By Dana Dubriwny | Updated on September 01, 2006

NAPERVILLE, IL-Griffin Capital, on behalf of 28 individual investors completing 1031 tax deferred exchanges, has purchased Washington Pointe, a 163,623-sf office building here for $37.5 million. The property, located at 535 E. Diehl Rd., was purchased from the Opus Group, the developer of the building.

Built in 1999, Washington Pointe is 100% occupied with three of the four tenants occupying the building since 2000. The tenants include Millward Brown and Concentra Preferred Systems, which collectively lease 93% of the building; Smith Barney, which leases 5.8%; and a first-floor café, which occupies the remaining space.

The property is located along the East-West tollway, where the direct vacancy rate hovers around 16% according to CB Richard Ellis’ second quarter market report. For class A space, vacancy is posted at 14.8%, with asking rates between $16 per sf and $18 per sf.

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