Equus Capital Partners Lists N-Shaped Naperville Office

One of suburban Chicago’s most recognizable office buildings is up for grabs.

Equus Capital Partners listed the 10-story MetroWest building at 55 Shuman Boulevard in Naperville, tapping Newmark brokers to find a buyer for the 207,000-square-foot property, CoStar News reported.

The postmodern landmark, designed by the late Helmut Jahn, has long stood out along the Interstate 88 corridor for its sloping, angular form, one that locals often note resembles the letter “N” for Naperville.

The Philadelphia-based investment firm bought the property in 2015 for $32.5 million and is reportedly seeking $18 million this time — about $87 per square foot. Vacancy has climbed above 32 percent, with tenants averaging just under four years left on their leases, according to marketing materials.

The German-born and Chicago-based Jahn, who died in 2021, completed the building in 1986, adding tiered outdoor terraces on each floor from the third up. He once shrugged off questions about the design’s likeness to an “N,” telling the Chicago Tribune that “sometimes it’s better to let somebody generate their own perceptions.”

The sale comes as the post-pandemic office slump weighs on suburban landlords. Across the Chicago region, hybrid work and high borrowing costs have depressed property values, prompting institutional owners like Equus to test the market for assets that may have long-term upside.

Even so, Newmark broker Jim Postweiler told the outlet that he sees “signs of an improving market” for office trades, particularly for buildings with strong visibility and leasing potential.

“Office is still discounted by any historical standard,” he said, “but for properties like MetroWest that are high quality with leasing upside, the market is trending in a positive direction.”

Newmark is marketing the tower as a chance to acquire a well-known suburban office at a deep discount, touting its location, architecture and move-in-ready spec suites.

Equus also put its Mid America Plaza complex in Oakbrook Terrace on the market earlier this year.

— Eric Weilbacher