Chicago-based American Landmark Properties has acquired the Illinois Science + Technology Park at 4901 Searle Parkway in Skokie, Illinois. American Landmark Properties acquired the property for $77 million from Forest City Realty Trust, which purchased the property in 2005.
The technology park sits on a campus of about 24 acres, with nearly 556,650 square feet of fully developed office, laboratory and amenity space.
Scott Brandwein and David Saad of CBRE have been retained as the leasing agents for the ISTP property.
ISTP offers a high-profile, research-oriented campus complete with a central quad and flexible buildings designed to accommodate demand from life science and technology users at various stages of the corporate life cycle – from startup to Fortune 500. To date, approximately 510,000 square feet of the campus has been repositioned into first class office/ R&D facilities.
“We are seeing a lot of momentum in the market from Science-based R & D companies encompassing a variety of industries, along with our Chicago-area research universities,” said CBRE’s Brandwein, in a statement.
