NJ investment firm scoops up office complex near former McDonald’s HQ

Fairbridge Properties bought the development for $184 psf, next to a big mixed-use site

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.

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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