Easterly Government Properties buys O’Hare office building at deep discount over prior sale

California-based Saban Capital bought the building for $39M six years ago, and sold it this month for $17.6M


Saban Capital Group's CEO Haim Saban (orange), Easterly Government Properties CEO William C. Trimble (blue), and 2300 East Devon Avenue (Credit: Saban, Easterly Government Properties, and Google Maps)
Saban Capital Group's CEO Haim Saban (orange), Easterly Government Properties CEO William C. Trimble (blue), and 2300 East Devon Avenue (Credit: Saban, Easterly Government Properties, and Google Maps)

Capital Group sold its O’Hare-area office building for a significant discount, according to property records.

The Los Angeles-based firm sold the property at 2300 East Devon Avenue in the O’Hare Lake Office Center for $17.6 million to Washington, D.C.-based Easterly Government Properties.

That’s less than half the $39 million Saban paid for the building in late 2012, reports noted at the time. The 2012 sale to Saban included $19 million in assumed debt, according to Crain’s.

Easterly specializes in the acquisition, development and management of properties leased by the federal government. The O’Hare office building is anchored by the Federal Aviation Administration Great Lakes regional office, and the U.S. Department of Agriculture is also a tenant, according to a press release from Easterly.

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The 240,000 square-foot building was completely renovated in 1999 and is 96 percent leased, according to the company. It is Easterly’s only property in the state, according to its website.

Easterly is betting on the strong O’Hare office submarket, with its 14 percent vacancy rate in the second quarter that’s the lowest in 15 years.

O’Hare also saw the priciest suburban office building sale in the second quarter, when Angelo Gordon & Co. bought the Presidents Plaza complex for $148 million — $20 million more than the building sold for in 2006.

Representatives for Saban and Easterly did not immediately respond to requests for comment.

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