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REIT Buys O'Hare-Area Building From Tenant

ITASCA, IL-Wells buys 487,000-sf tower from insurance company after the firm signs a lease for anchor space until 2018.

By Robert Carr | Updated on December 10, 2006

ITASCA, IL-Wells Real Estate Investment Trust Inc. has purchased the 27-story Gallagher Centre here, mostly occupied by insurance broker firm Arthur J. Gallagher & Co. The Norcross, GA-based REIT bought the 487,000-SF tower, in the Chancellory at Hamilton Lakes office park, from a joint venture of Gallagher and Hamilton Partners.

The property, built in 1991, is in the North DuPage submarket, near Interstate 290 and O’Hare International Airport, where office lease rates are around $25.97 per sf. Spencer Patton, senior vice president of acquisitions for Wells, tells GlobeSt.com that his company is a big believer in Chicagoland. He says Wells is encouraged by the strength of the Gallagher lease, extended until 2018 and occupying 63% of the building. The center is more than 90 percent leased, Patton says. Other tenants include Sun Microsystems. Paul Lundstedt with Cushman & Wakefield represented the seller in the deal.

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