DEERFIELD, IL-Jim Postweiler, a managing director at Jones Lang LaSalle, tells GlobeSt.com that the company will start marketing today a 1.2-million-square-foot portfolio of three office buildings owned by GE Capital here in the Chicago suburbs.
Corporate 500 Centre and One Parkway North, located here, and Pointe O’Hare in Rosemont aren’t expected to bring in close to the $302 million the buildings sold for as part of a larger portfolio by the Blackstone Group in 2007, sources say.
The Chicago suburbs have continued to post dismal office numbers, experiencing more than one million square feet of negative absorption in 2011, and will likely see worse figures this year, according to an MB Real Estate fourth quarter report. Though activity was flat in the quarter for the Class A O’Hare submarket, vacancy remains at about 20%.
Postweiler says he thinks the GE buildings have a chance to attract attention. “These assets are stabilized at about 92% occupied, quality that hasn’t been offered in this market for quite a while,” he says. Postweiler, Bruce Miller, Jascint Vukelich and Nooshin Felsenthal are leading the marketing team.
Corporate 500 is about 700,000 square feet in four total buildings within walking distance of the Lake Cook Road Metra station, and has tenants including Jim Beam maker Beam Inc. One Parkway North is a 271,498-square-foot property. Cole Taylor Bank occupies the 270,512-square-foot Pointe O’Hare building at 9550 W. Higgins Rd. in Rosemont.
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