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Vacant Office Building Sells for Nearly $9M

ITASCA, IL-Falcon Real Estate Investment sheds the 75,000-sf property for $117 per sf to Gift of Hope, a not-for-profit organ and tissue donor network.

By Gina Kenny | Updated on May 08, 2008

ITASCA, IL-New York City-based Falcon Real Estate Investment Co. LP, is selling a 75,000-sf office building at 425 Spring Lake Dr. in the Spring Lake Business Park. Falcon Real Estate sold the building on behalf of an “offshore private investor,” says Scott Sweeney, executive vice president of Falcon. The sales price is nearly $8.8 million, or $117 per sf.

The two-story building was constructed as a build-to-suit facility for Riverside Publishing on a 7.2-acre parcel in 1996. The building has a two-story atrium lobby and a cafeteria. The property has visibility from Interstate 355 and Interstate 290 and is located near O’Hare International Airport.

Riverside Publishing had a 10-year lease for the building and vacated the building to move into a larger facility, Sweeney says. The division of Houghton Mifflin Co., which provides testing products and services to schools, is now headquartered in an 116,693-sf building at 3800 Golf Rd., Rolling Meadows, IL, according to information from the company’s website.

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