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Group RMC lands $63M loan for suburban office acquisition
The New York-based investor paid Blackstone $84M for the Executive Towers West in Downers Grove
Group RMC landed a $63 million loan to finance its acquisition of the Executive Towers West in Downers Grove from Blackstone Group.
The New York-based investor’s $84 million deal for the 700,000-square-foot office complex came a couple months after it bought the Westbrook Corporate Center in Westchester from Blackstone for $132 million.
JLL brokered the 10-year, fixed rate loan from Morgan Stanley for the Downers Grove purchase, according to Commercial Observer.
Executive Towers West is a three-building complex at 1400, 1411 and 1431 Opus Place, near the junction of Interstate 88 and Interstate 355. It was the fourth suburban office property Blackstone sold since December.
JLL’s Adam Schwartz, Brett Rosenberg and Patrick Heitmann led the team that secured the financing.
Despite corporate relocations to the city and a lack of new development, the suburban office market market had an “unexpectedly strong” second quarter, according to a new report from MB Real Estate. The overall vacancy rate in the suburbs dropped 1.25 percentage points to 20 percent, the report said.
Executive Towers West had an 11 percent vacancy rate, Crain’s reported at the time of the sale. [CO] — John O’Brien