Chicago-based Golub & Company, an international real estate investment and development firm, announced the acquisition of Oak Brook Executive Plaza, a 389,000-square-foot office complex on West 22nd Street in west suburban Chicago’s Oak Brook, Ill., in a partnership with Boston-based Alcion Ventures. Golub and Alcion are planning a significant redevelopment to reposition the property as high quality offices appealing to corporate and creative firms.
Originally built in phases between 1968 and 1980, the redevelopment plans include enhanced curb appeal, updated office interiors and common areas, and new tenant amenities. The upgrades will allow the properties to offer high end office space in line with its appealing location directly across from Oak Brook Center Mall offering prominent visibility from I-88.
“We see an excellent opportunity to redevelop Oak Brook Executive Plaza into a top-tier office property through significant capital investment to modernize interiors, exteriors and add amenities expected by today’s top tenants,” said Michael Newman, CEO of Golub & Company. “We are excited about creating a property unique to the market and reintroducing it to the real estate community.”
Golub was represented in the transaction by Michael Newman, Michael Goldman and Adam Short. Alcion Ventures, a real estate private equity firm based in Boston, was represented by Mark Potter and Ben May. Financing was provided by Bank of America; terms of the deal were not disclosed.
“The Oak Brook Executive Plaza opportunity is consistent with Alcion’s suburban office strategy, investing in large and diverse markets with multiple demand drivers and constraints on new office supply,” said Mark Potter, Co-Founder and Partner of Alcion Ventures. “We look forward to continuing our relationship with Golub and we are confident that we can add value to and reposition this office complex to meet current user demand.”
