Chicago-based Bridge Development Partners LLC has completed the sale of 577 Corporate Center, a 162,739-square-foot, four story, Class A office facility at 577 Aptakisic Road in Lincolnshire. The buyer, Cole Real Estate Investments, a Phoenix-based real estate investment trust, purchased the fully-leased property for nearly $50 million.
Bridge and its capital partner, Deerfield-based Globe Corp., developed the LEED Gold-certified speculative building in 2009 and signed a 15-year lease in 2011 with Japanese medical device manufacturer Sysmex Corp. for its North and South American headquarters.
The joint venture developed 577 Corporate Center knowing the historically strong southern Lake County submarket offered no new, state-of-the-art, LEED-certified office buildings while boasting the largest concentration of Fortune 500 headquarters in suburban Chicago. The office facility remains the only LEED Gold-certified speculative building in Chicago’s north suburbs’ history.
Holliday Fenoglio Fowler L.P. represented Bridge in the sale.