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Blackstone To Sell Chicagoland Portfolio

CHICAGO-About 15 properties in Chicago and surrounding suburbs will be sold with prices expected at more than $200 per sf.

By Gina Kenny | Updated on May 29, 2007

CHICAGO-The Blackstone Group is said to be selling off a portfolio of about 15 properties in the Chicagoland area. The bulk of the properties were purchased earlier this year as part of a portfolio from Equity Office Properties Trust. Two additional properties from Blackstone’s buy-out of CarrAmerica are also said to be in the mix. Phone calls to Blackstone seeking comment were not returned.

The portfolio includes “assets [that] generally are pretty high quality,” says James Postweiler, Jones Lang LaSalle managing director for capital markets. While Postweiler is not personally involved with the sale, he is well versed with the portfolio. The properties are “great buildings in good locations with good access, good visibility and efficient floor plans.”

Suburban properties in the portfolio include “several very significant, highly attractive buildings” such as Oakbrook Terrace Tower, he says. Other suburban properties in the portfolio are Corporate 500 Centre and 500 Lake Cook Rd. in Deerfield; the three-building Commerce Plaza and 2001-2021 Spring Rd. in Oak Brook; Lincoln Center at 18W140 Butterfield Rd. in Oakbrook Terrace; 1011 Butterfield Rd. in Vernon Hills; the five-building Westbrook Corporate Center in Westchester; and Parkway North Center in Deerfield.

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