8/28/2007

Two suburban Chicago office buildings sell for $122 million

by

The Woodfield Preserve

JPMorgan Chase sold two Schaumburg, Ill., office buildings for $122 million to KBS Realty Advisors on Aug. 28.

CB Richard Ellis' suburban Chicago office brokered the deal.

The Woodfield Preserve is located at 10 and 20 N. Martingale and totals 647,000 square feet.

The two properties were completed in 2001 and were 95 percent leased at the time of sale to tenants including First Penn-Pacific Life Insurance Co., IBM Corp. and McGladrey & Pullen, an accounting firm.

JPMorgan purchased the property three years ago.

The deal is part of a $250 million transaction that also included the sale of the 670,000 square foot Woodfield Corporate Center.

Los Angeles-based CB Richard Ellis is a commercial real estate brokerage firm.

California-based KBS Realty is a real estate operating company.

Address: 10 and 20 N. Martingale, Schaumburg, Ill.

Size: 647,000 square feet

Built: 2001

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Filed Under: Office

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