HFF has closed the $62 million sale of Highland Landmark II, a 284,278-square-foot Class A office building in Downers Grove, Illinois.
HFF marketed the property on behalf of the seller, GLL Real Estate Partners. The asset was purchased by James Campbell Company LLC, which was advised by Colony Realty Partners, for $62 million free and clear of existing debt. Highland Landmark II is located in the western Chicago suburb of Downers Grove at 3025 Highland Parkway. The eight-story building is situated on 11.03 acres at the northeast end of Highland approximately 21 miles west of downtown Chicago. The Energy Star-labeled property features an atrium, conference facility, cafe, surface and covered parking and fitness center. Highland Landmark II is 94 percent leased to 14 tenants, including NSA Media, Microsoft Corporation, Principal Life Insurance Company, Ford Motor Company, Yang Ming, Property & Liability Research Bureau and Management Association of Illinois.
The HFF investment sales team representing the seller was led by senior managing directors Jaime Fink and Jeff Bramson and managing director Mark Katz.
“Highland Landmark II offers the opportunity for James Campbell Company, which is advised by Colony Realty Partners, to purchase one of the top office buildings in all of suburban Chicago,” Katz said. “Highland Landmark II has consistently outperformed the overall suburban office market. This is truly a best-in-class office asset, which is consistent with the purchaser’s long term ownership strategy.”