Blackstone lists office complex near O’Hare for $75M

The move is the latest in a string of suburban office sell-offs for the firm

May.May 10, 2018 08:00 AM

The O’Hare International Center office complex

Blackstone Group is looking to sell the O’Hare International Center office complex in Rosemont, at least the fifth suburban business center it has sold or put on the market in the last two years.

New York-based Blackstone is asking $75 million, or $145 per square foot, for the two nine-story buildings at 10255 and 10275 West Higgins Road, a source told Crain’s.

The owner of the Willis Tower acquired the O’Hare complex in 2011 from Duke Realty as part of a $1 billion portfolio.

The buildings are a combined 17 percent vacant, above the 14.3 percent vacancy rate for the O’Hare submarket. Rents there are 16 percent below average for the submarket, according to a marketing flyer. Blackstone has spent $3.8 million on capital improvements at the properties since it acquired the building, according to Crain’s.

Brokers Bryan Rosenberg and Pat Shields of HFF are representing Blackstone.

Since August 2016, Blackstone has sold Commerce Plaza in Oak Brook for $124 million, Riverway in Des Plaines for $173 million, Central Park of Lisle for $129 million and One Parkway North in Deerfield for $47 million, according to Crain’s. It is also selling the Westbrook Corporate Center in Westchester for $132 million.

Blackstone is also looking to sell the 700,000-square-foot Executive Towers West complex in Downers Grove, Crain’s said. [Crain’s]John O’Brien

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