CHICAGO—Many owners of top class A office properties in the north suburbs have had great success in attracting tenants, and not surprisingly, investors have also started to buy up these properties. KBS Realty Advisors of Newport Beach, CA, just acquired Edens Corporate Center in suburban Northbrook, a pair of four-story buildings that the seller renovated extensively over the past several years and subsequently leased up. The price was not disclosed.

The 188,040 square foot property last changed hands in 2012 when The Davis Companies acquired it. Since then, that firm spent more than $2 million on renovations. It added new conference facilities, along with a new tenant lounge and café operated by Once Upon a Bagel, new monument signage, renovated restrooms, and interactive electronic lobby directories. In addition, the property includes an underground heated parking area.

“Edens Corporate Center is in a prime location given its close proximity to Kenilworth, Glencoe, Lake Forest, Highland Park and Winnetka all affluent communities in the suburbs of Chicago where many of our tenants, their employees and prospective employees reside,” says Ken Robertson, central regional president of KBS. “The building not only has an extensive list of amenities, it also provides curb appeal with a convenient commute – major selling points to retain our world-class tenants and attract other high quality companies.”

As reported in GlobeSt.com, in early 2014 seven new leases totaling 36,000 square feet were completed, bringing the property's occupancy rate above 90%. A KBS spokesperson tells GlobeSt.com that the occupancy level is now 92.3%.

It's part of a noticeable pattern in the north suburbs. Although the overall occupancy rate in the submarket remains elevated at 20.7%, that's a drop of about 70 bps from the previous quarter, according to Colliers International. Furthermore, “when considering high quality, true class A assets, the improvement in vacancy is more significant at 17%, compared to 19.6 in the previous quarter.” So far this year, tenants in the submarket have absorbed 558,602 square feet of space, the most of any suburban region.

“The property has attracted an elite mix of tenants including Blue Chip, Northwestern Mutual, Iron Financial, BCD Travel, amongst others,” says Brett Merz, senior vice president and asset manager of KBS. “Chicago's North Shore, and specifically Edens Corporate Center, is a popular place for business and we are pleased to add this asset to the KBS portfolio.”