CHICAGO and MINNEAPOLIS – New York-based Lend Lease Real Estate Investments Inc. has acquired One North Arlington, an office building located in Arlington Heights, Ill. The property was acquired on behalf of an institutional investor client from the Kohl Family Trust.
Built in 1986, One North Arlington contains seven floors of 161,900 sq. ft. of rentable space. Currently the building is 98% occupied. Located at the intersection of Route 53 and Dundee Road in Chicago’s northwest suburban office market, One North Arlington is easily accessible to Interstate 90 and Interstate 290. It is located 12 miles from O’Hare International Airport and 26 miles from downtown Chicago.
Lend Lease also has acquired the Northwest Business Campus in Plymouth, Minn., on behalf of the company’s Value Enhancement Fund III from The Prudential Insurance Company of America, Newark, N.J. The purchase price was not disclosed.
Northwest Business Center is a 5-story suburban office building, which contains 351,100 sq. ft. of rentable space. Located at 3033 Campus Drive in suburban Minneapolis, the property was originally built by Prudential in 1986 as a regional operations center. Prudential currently occupies the majority of the building and possibly will move some of its operations into the company’s remaining headquarters property in Plymouth within the next 12 months. The building’s amenities include a full-service cafeteria, fitness center and convenience store.
The property is situated in the Interstate 394 corridor, one of the strongest suburban markets in the region.