Blackstone seeking to offload Oakbrook Terrace office building in changing market

Blackstone Group is seeking to sell a suburban office building in a submarket that has seen a number of corporate exoduses to the city.

New York-Based Blackstone is seeking $50 million for One Lincoln Centre, a nearly 320,000-square-foot office complex at 18W140 Butterfield Road in Oakbrook Terrace, sources confirmed to The Real Deal. Real Estate Alert first reported the news.

JLL has been hired to market the building.

The deal comes as a number of former Oak Brook-area office complexes are dealing with tenants decamping for space in Fulton Market and other submarkets Downtown.

The Western Suburbs have lost Ferrara Candy and McDonald’s, whose sprawling Oak Brook campus has been subdivided and, in one case, planned as a massive mixed-use development. Billionaire John Paul DeJoria recently picked up an 80-acre slice of the former McDonald’s campus, though his plans for the site have not been announced.

The 16-story One Lincoln Centre has a vacancy rate of 21 percent, sources said. That’s only slightly higher than the overall suburban office market, which ended 2018 with a 19.5 percent vacancy rate.

The building’s anchor tenant, ComEd, has a lease through 2025 on 58,000 square feet.

Built in 1986, One Lincoln Centre has been updated to retain its Class-A status, according to the building’s website. Amenities include an attached parking garage, fitness center, deli, tenant lounge and conference center.

Blackstone acquired the complex in 2015 as part of a $3.3 billion deal that saw the firm and Wells Fargo buy out GE Capital Real Estate’s portfolio, according to media reports at the time.

Around the same time, Blackstone paid $1.3 billion for the Willis Tower, the biggest deal for a single commercial property outside of New York.

Blackstone is currently undertaking a $668 million overhaul of the 110-story Willis Tower, and it refinanced the skyscraper with a $1.3 billion loan last year.