CHICAGO—Office landlords in the northwest suburbs have signed a number of significant deals lately, especially those that operate the top class A properties, but under the radar, older, mid-range properties have changed hands with increasing frequency.
Arthur J. Gallagher & Co., the global insurance giant, has just bought 2900 Golf Rd. in Rolling Meadows. Originally built in 1978, the 48,000-square-foot, two-story office property sits on seven acres just east of I-290, and was just one of several similar office properties recently sold, mostly to companies that have decided to expand.
“Interest rates are at historic lows, and debt is relatively easy to get, especially if you have a stable or growing business,” Jason M. Simon, principal with Colliers International, tells GlobeSt.com. And once the economic recovery took hold, many business owners in the area started using that debt to buy older but still functional properties. Furthermore, SBA loans make it possible for some buyers to put down only 10% in equity
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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.
