The Olympian Office Center located at 4343 Commerce Court in Lisle, IL, was acquired through a short sale.
CHICAGO—The Missner Group has just acquired the Olympian Office Center located at 4343 Commerce Court in suburban Lisle through a short sale from Riverview Realty Partners. Formerly the headquarters of Porsche Cars North America, the center represents the largest office acquisition to-date for Missner. But the 168,000 square foot, seven-story office property also fits in very well with the company's overall strategy.
“We invest in value-add properties,” Ed Adler, executive vice president of Missner, tells GlobeSt.com. “And we saw a very high value-add component here.”
For one thing, building occupancy currently sits at 30% with major tenants including the FBI and law firm Hinshaw & Culbertson. And the company bought the property at a price below replacement value. In fact, Missner bought it for an amount that Adler believes was roughly equal to its land value.
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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.
