Search
 

Transwestern Brokers Sale of Building Rented by FAA

DES PLAINS, IL - Transwestern brokers the $39 million sale of a building for O'Hare Lake Office Park to Saban Capital. The building houses the Federal Aviation Administration's Great Lakes regional headquarters.

By Chip Barnett | Updated on January 14, 2013

    DES PLAINS, IL – Transwestern brokered the sale of a four-story office building in the Chicago suburbs which serves as the FAA’s Great Lakes regional headquarters.

   Transwestern’s Chicago office  worked exclusively on behalf of the seller, O’Hare Lake Office Park LLC. The 239,331 square foot building at  2300 East Devon was purchased by Saban Capital for $39 million, or $163.00 a square foot.     The FAA and a smaller General Services Administration tenant lease 92.5% of the building.    ”Recently, there have only been a handful of long-term, single-tenant leased office opportunities of size in the Chicago suburbs,” Gary Nussbaum, managing director of Transwestern, says in a press release.     Nussbaum said one of the reasons the property was attractive was because the FAA has leased space there for more than 40 years.    ”The building garnered the most interest from investors that focus on government-leased property,” Nussbaum tells GlobeSt.com.     ”Combined with the building’s close proximity to O’Hare, this gave investors a high degree of confidence that the FAA will continue to occupy the building in the long-term,” he says.    The building at 2300 East Devon is one of five multi-story buildings in the 50-acre office park. It was 94% occupied at the time of sale.    Nussbaum and Managing Director Thomas Gorman represented the seller in the transaction.    Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. It has 33 U.S. offices and assists clients in 30 countries as part of an alliance with BNP Paribas Real Estate.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.