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Buck Pays Close to $169M for Offices, Land

DEERFIELD, IL-The company is buying a total of about 775,000 sf that is 97% leased, as well as a daycare center, and about 10 acres for more office development.

By Gina Kenny | Updated on August 03, 2008

DEERFIELD, IL-John Buck Co., based here, has acquired six of the buildings at Parkway North, on Parkway North Boulevard, here. John Buck Co. acquired the buildings from a partnership of Blackstone and the New York State Teachers Retirement System, which was represented by Cushman & Wakefield in the transaction. Sources peg the sales price at around $169 million, or approximately $228 per sf.

The portfolio includes five office buildings, which have about 775,000 sf, and a daycare center, says Charles Beaver, a principal with John Buck Co. “It is one of the very best suburban office parks in metropolitan Chicago,” Beaver says.

The buildings were constructed from 1989 through 2002. Buck does not have any major renovations planned for the buildings at this time, Beaver says. Also included in the sale is a 10.5-acre parcel of land. A build-to-suit office building with between 250,000 sf and 550,000 sf will likely be constructed on the site, he says.

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