CBRE Trust Buys 100,000-SF Office for $25M

DEERFIELD, IL-CB Richard Ellis Realty Trust, a subsidiary of Los Angeles-based CBRE, has purchased its first Chicago office property here in a $25 million deal for a 100,000-square-foot property. Ten Parkway North is 100% leased to Richmond, VA-based Markel Corp., an insurance firm.

 The John Buck Co. had purchased the building, along with the other five office buildings in the Parkway North Office Park, from a partnership of Blackstone and the New York State Teachers Retirement System in 2008 for about $169 million. At the time there were only five buildings on the site with about 775,000 square feet, resulting in a purchase price of about $228 per square foot, meaning Buck made a slight profit on this recent sale.The three-story Ten Parkway was built in 1999.