CHICAGO—CBRE Global Investors, an investment arm of Los Angeles-based CBRE Inc., has agreed to sell the 380,360 square foot One O'Hare Center at 6250 River Rd. in suburban Rosemont to a partnership represented by MDC Realty Advisors and Nicola Crosby, a subsidiary of Nicola Wealth Management, for $83 million. CBRE bought the 12-story property in 2012 for $67 million.
“This sale provides evidence that institutional investors are gaining more confidence in high-quality suburban office buildings,” says Paul Lundstedt of CBRE, who along with his colleague Dan Deuter represented the ownership group in the transaction. “With literally no new supply in the pipeline, investors are recognizing the opportunities that exist to push rents for high-quality assets in the suburbs.”
According to Colliers, there are a few buildings that, although not yet officially in the development pipeline, are at least on drawing boards. Proposed projects in Rosemont could add 1.4 million square feet to the O'Hare market if launched and completed, the firm says. “In addition, Hosts Hotels & Resorts, Inc. is currently trying to obtain a zoning amendment to develop a 750,000 square foot office building on the land next to its O'Hare Marriott property.”
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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.
