O’Hare Office Owners Test Market With $20M-Plus Ask

Deer Park Investors and Marc Realty are putting 1350 Touhy Plaza in Des Plaines, an office building just down the street from O’Hare International Airport, up for sale.

Newmark brokers Derek Fohl, Jim Postweiler, Peter Harwood and Jack Trager are marketing the 244,049-square-foot building for sale. Deer Park and Marc Realty are hoping to snag a purchase price in the low $20 million range, according to Crain’s. The duo originally bought the building out of foreclosure for around $6 million with a $10 million loan from Northern Trust.

The sale isn’t cut and dry. Deer Park and Marc Realty have a deadline to pay their five-year, $20 million mortgage loan by next summer after refinancing in 2019. The load was modified to $15.1 million, according to the outlet, and the maturity deadline is set for July 2027. Deer Park managing principal David Stein told the outlet that there was a three year option on the table, but they think interest rates are going down, so they went with a one year extension from the original 2026 deadline instead. Stein also said that they are deadset on their price, and aren’t going to budge.

Newmark marketing materials show that the building is currently 90 percent leased, with two large leases set to expire in 2028. A prospective buyer could boost already existing rents or occupy the space that’s soon to be vacant itself. The joint venture recently spent $3.5 million on renovations, and the building’s proximity to the airport as well as multiple interstates give it flexible accessibility.

The area around O’Hare has seen several properties change hands. R.I.G. Capital purchased Pavilion Apartments, a 1,115-unit complex for $167 million in May. Fortress snagged the Westin O’Hare for $50 million, or $95,000-per-key. Another key win for the area was Claire’s, as the jewelry and accessory retailer recently moved its headquarters to nearby Columbia Centre III.

— Hunter Cooke