Equity Office Offloads Suburban Chicago Asset for $47M
The recently renovated five-story office building features 275,000 square feet of space and serves as the corporate headquarters for Essendant.
By Jeff Hamann
Equity Office has sold its One Parkway North office building in Deerfield, Ill. for $47 million. The buyer, Horn Eichenwald Investments Corp., acquired the property using $24.5 million in mortgage financing provided by CitiBank, according to Lake County public records. An HFF team led by Bryan Rosenberg and Patrick Shields represented the seller in the transaction. Equity Office acquired the property as part of a $3.3 billion portfolio transaction in 2015, according to Yardi Matrix.
The LEED Gold-certified building was constructed in 1989 and is 92.7 percent leased to a number of tenants, including Essendant, which occupies the largest part of the structure. The 11.2-acre parcel includes parking for 934 vehicles, 36 of which are located in a heated parking garage. Tenant amenities include a cafeteria and a recently built fitness center, which was added to the ground floor during the previous owner’s 2016 renovation of the property.
Located at 1 Parkway N. in the Parkway North Center, the building is within half a mile of Interstate 94, enabling direct access to the Loop, 30 miles southeast. Major tenants in the office park include Mondelez International, Aerotek and Markel Corp. The 248-key Chicago Marriott Suites Deerfield is situated next door to the building.
Last year, Equity Office and Blackstone revealed significant renovation plans for their 110-story Willis Tower, formerly known as the Sears Tower, in downtown Chicago.
Images courtesy of Yardi Matrix
