Greenstone Partners sold a 103,139-square-foot office portfolio located in Naperville, Illinois. The three building, multi‐tenant office properties were 88 percent leased at the time of closing.
At a portfolio sale price of $133 per square foot, the transaction represents the highest price per square foot for multi‐tenant office sales in suburban Chicago under 200,000 square feet since the beginning of the COVID‐19 pandemic.
“The buyer was drawn to the investment as the portfolio offers a diverse tenant roster as well as excellent demographics and ideal sized footprints under 25,000 square feet,” said Jason St. John, managing partner at Greenstone Partners. “We are seeing increased buyer interest for well‐located suburban office properties with smaller tenant suites which in some cases, allows tenants to downsize their downtown Chicago offices and open up satellite offices closer to where employees live.”
Greenstone Partners exclusively represented the seller in the transaction, a large regional owner and procured the buyer, an East Coast-based group of private investors. The investment garnered multiple offers on a national basis for individual and the portfolio of properties prior to selecting the final portfolio buyer.