Fairbridge Properties bought a Warrenville office development from Northwestern Mutual for $20.8 million.
The Princeton, New Jersey-based firm picked up the 153,000-square-foot Cornerstone I at Cantera — at 4320 Winfield Road — part of the 650-acre Cantera commercial development, according to JLL.
JLL’s Jim Postweiler, Peter Harwood and Derek Fohl represented Northwestern Mutual in the sale.
Prior to the sale, Northwestern Mutual had invested in improvements to the five-story building.
The building is 80 percent leased, which places it above the suburban average for occupancy. The suburban office vacancy rate inched higher in the third quarter to nearly 24 percent — or 76 percent occupied — according to JLL data.
The building sits on the former site of oil company BP’s office and research campus in Warrenville and neighboring Naperville.
Northfield-based developer Interforum Holdings plans a $92 million luxury apartment complex nearby on the site. The four-story, 364-unit Cantera Residences are expected to take two years to complete.