Hiffman National to Manage Illinois Office High-Rise
Oakbrook Terrace Tower is the state’s tallest building outside of Chicago.
Hiffman National has been selected by BLK IL Tower LLC to manage a 31-story office building in Oakbrook Terrace, Ill. The Oakbrook Terrace Tower totals 792,000 square feet and is the tallest standing asset in the state outside the city of Chicago.
Located at 1 Tower Lane, the building features a fitness center, pool, conference center, deli and a Starbucks. An underground parking garage, EV charging stations and a car wash are also available at the property.
Completed in 1986 and designed by Helmut Jahn, the office tower is on an approximately 15-acre site, according to CommercialEdge data. The building was acquired by EQ Office in 2015 for $119 million.
Oakbrook Terrace Tower is situated at the intersection of Route 83 and Roosevelt Road, providing tenants with easy transportation access into Chicago and throughout the surrounding area. Downtown Chicago is 19 miles east, providing a variety of dining, entertainment and retail options. Oakbrook Center mall, featuring more than 160 storefronts, is within walking distance, while the O’Hare International Airport is 15 miles north of the property.
The LEED-certified asset is 75 percent occupied. Tenants include Bosch, IMG Technologies, ECC Insurance Brokers, LifeStart, RMKC and Nordic Energy, the same data shows.
Along with six of the property’s past management team members, Hiffman National’s Carrie Szarzynski, senior vice president, and Heather Battaglia, portfolio manager, will lead management operations for the building.
Chicago office landscape
As of October, Chicago asking rents for office assets came in at $27.78 per square foot, lower than the national average by $9.93, according to a recent CommercialEdge report. Meanwhile, the city clocked in the largest sales volume in the Midwest year-to-date, with $858 million in office deals completed.
Recently, a 46-story office tower in Northbrook, Ill., landed a new 40,000-square-foot lease signed by UL Solutions. The downtown building spans approximately 1.2 million square feet and includes 11,000 square feet of retail space.