CHICAGO—Accesso Partners LLC has just acquired a 50% ownership of the Esplanade at Locust Point, a portfolio of four class A office and R&D buildings in suburban Downers Grove with a total of 1,054,838-square-feet, from Hamilton Partners. The Hallandale Beach, FL-based Accesso, formerly known as Beacon Investment Properties, LLC, has been quite bullish on the region. In just the last 18 months, it has bought or invested in seven class A office properties in Chicagoland, including several from the Itasca, IL-based Hamilton.
As reported in GlobeSt.com, it acquired Riverwalk II, a 12-story, class A office tower in Buffalo Grove, from Hamilton, from which it also purchased the 20 N. Clark office tower in downtown Chicago. Accesso also recently bought the 210,774-square-foot Park Plaza building in Naperville for about $24 million.
Ariel Bentata, managing director investments and co-founder of Accesso, told GlobeSt.com that the company remains unfazed by the suburbs' overall high vacancy rate. “A lot of people flee the suburbs,” he explained, “but we've always been a bit contrarian.” Perhaps more importantly, “there are parts of the suburban office market that are 90% occupied,” and class A assets in certain areas, especially Lake County and the East-West corridor, remain very attractive to a wide range of users.
Tenants occupy 88% of the Esplanade, which is located at the intersection of I-88 and I-355 in the East-West corridor submarket. Tenants include Coca Cola Co., Prudential Insurance, Hewlett-Packard, Caterpillar Logistics, Siemens, American General Life, General Services Administration, Hillshire Brands/Tyson Foods, Atlantic Power, Konica Minolta and Ameriprise Financial.
“I can say with great confidence that this is the premier portfolio of suburban office buildings in the entire Chicago marketplace,” said Bentata. “It is a self-contained business community, a Who's Who of national and international tenants who desire immediate access to Chicago's two major north-south and east-west thoroughfares as well as unequaled office space, luxurious amenities, first-class hospitality, and attractive indoor and outdoor public spaces.”
Amenities at the Esplanade complex include a conference facility, a full-service health club with pool, white tablecloth and casual restaurants, a daycare facility, a bank and retail and business services. A sky bridge leads to a DoubleTree all-suite hotel and an attached six-story parking garage.
Gary Mori, the Esplanade at Locust Point's partner in charge, said “our dynamic location, the Esplanade's floor plate flexibility and well thought out design has created strong demand for space.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
