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AbbVie buys suburban office building for $154M
The pharma company had been subleasing the giant complex for 4 years
AbbVie’s purchase of a giant suburban office complex was the largest such acquisition in that category in two years.
The pharmaceutical company bought the 560,000-square-foot facility for $154 million, Crain’s reported.
It had been subleasing the property at 26525 North Riverwoods Boulevard in Mettawa, which was owned by UBS Realty Investors, for four years, according to the report.
It’s the most expensive suburban office acquisition since the Blackstone Group sold the three-building Riverway office complex in Des Plaines for $173 million in November 2016.
The property is the latest high-priced suburban office complex to change hands.
Sam Zell’s Equity Commonwealth sold its last remaining Chicago-area office building, Triangle Plaza on the city’s Northwest Side, to Hawaii-based Shidler Group for about $143 million, Rubenstein Partners bought a stake in the Continental Towers office complex in Rolling Meadows in a deal worth $121.5 million and New York-based Angelo Gordon bought 835,000-square-foot, two-tower complex Presidents Plaza for $148 million. [Crain’s] — John O’Brien