Both buyer and seller were represented by Cushman & Wakefield in the deal. Senior Director Ned Franke represented DeVry in the sale, and Susan Rosen of the firm represented seller Quadrangle. Franke said DeVry, which runs a network of schools nationwide, will use the two-story office building to expand its online operation from its existing headquarters in Naperville.
"It was centrally located, which they liked," Franke said. "They thought it was an efficient building for what they were doing. The large floorplates were desirable given their layouts, and it's a large site with a large parking ratio."
The building, also known as Wood Dale Preserve, sits on 9.3 acres in the near northwest suburban market, Franke said. "There's a large office market in that area, but there weren't many others like this that had those characteristics for sale," Franke said.
Developer Quadrangle, who sold the building, had owned it for about two years. The company purchased the site in June 2006 for $6.8 million, sources say. "They bought it with the intention of selling it," Franke said. "They thought it was a good value play at the time.
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