Great Lakes REIT acquires suburban office complex

SCHAUMBURG, Ill. — Oak Brook, Ill.-based Great Lakes REIT has purchased the 253,000 sq. ft. 1600 Corporate Center here from Jupiter Realty and GE Capital for approximately $26 million. The 12-story, Class-A office building located at 1600 Golf Road is 88% leased. New York-based Cushman & Wakefield represented the sellers, while Ray Braun of Great Lakes represented the buyers.

The building features large floor plates, multiple HVAC zones and extensive fiber-optic systems. According to Paul Lundstedt, an executive director in the Financial Services Group at Cushman & Wakefield’s Chicago office, those features and the building’s proximity to Woodfield Mall make the complex attractive to medium- and large-size tenants.