A New Jersey-based investment firm bought an eight-story office building near the former McDonald’s corporate headquarters in Oak Brook, where a new mixed-use development is in the works.
Fairbridge Properties paid about $43 million for the 233,166-square-foot office property, according to GlobeSt. The deal for the complex at 1111 West 22nd Street worked out to $184 per square foot.
The building is 93 percent occupied with 21 firms that includes Lewis University, the U.S. Census Bureau, Oxford Bank and Aerotek, according to the report.
Designed by Holabird and Root and built by New York Life Insurance Company in 1984, the building is a modern steel-and-glass complex with large, contiguous floor plates of 27,700 square feet.
In the spring, the Oak Brook Village Board approved a big mixed-use project to be developed by Hines along the north side of 22nd Street near Spring Road, near the McDonald’s site.
The new project called Oak Brook Commons will be a 17.5-acre site that will include 250 rental apartments, 104 condominium units, 252-room hotel, three restaurants, office space, retail stores and park space. In securing the final approval, Hines agreed to a minimum apartment size of 700 square feet. [GlobeSt] — Keith Larsen