Fulcrum Asset Advisors completed its acquisition of three properties within the Parkway North Complex in Deerfield, totaling 484,328 square feet.
The John Buck Company sold 3, 6 and 9 Parkway North for an undisclosed amount, however, Crain’s reported that the sale totaled $80 million.
Colliers International Principals Steven Kling and Darryl Silverman will be handling the leasing of the properties and the firm will also assume property management responsibilities for all three assets, which will be led by on-site manager Karen Ptasnik.
According to Kling and Silverman, the new ownership plans to make significant improvements to further upgrade the property’s competitive position. Enhancements to the building reception area, café, and extraordinary winter garden are being designed with help from Steve Wright of Wright Heerema Architects.
“We feel these improvements will distance Parkway North from the competitive properties, and create a memorable work experience for all of our current and future tenants,” Kling said. “Additionally, the Chicago Marriot Suites hotel and Bright Horizons Day Care provide on-site services that complete the amenity package for Parkway North. Along with Fulcrum, we are committed to improving the assets with the ultimate goal of quickly reaching 100% occupancy.”
Parkway North includes six Class A buildings constructed between 1988 and 2000 totaling more than 1,000,000 square feet. The property is located between the Lake Cook Road and Deerfield Road interchanges at I-94.
Corporations within the park include Mondelez International, CF Industries, GCG Financial, Walgreens, Lundbeck, and Essendent.
According to Colliers International’s first quarter 2016 Suburban Office Market Report, the North suburban office market has an overall vacancy rate of 18.8 percent, the second-lowest of the five suburban markets. When considering only the highest quality, true Class A assets such as the Parkway North complex, vacancy stands at just 11.8 percent after reaching 20.0 percent at the end of 2015.