Newport Beach, California-based KBS Realty Advisors has acquired Edens Corporate Center in Illinois for $30.2 million. The property includes two, four-story Class A office buildings totaling 188,040 square feet in Suburban Chicago.
KBS has selected NAI Hiffman the leasing and management assignment for the property.
The north and south buildings are connected by a central corridor, common underground parking structure and a courtyard. The buildings were constructed in 1987 and renovated in 2013.
Projects in the recent renovations included a redesigned deli and tenant lounge area served by the Once Upon A Bagel, common patio area featuring outdoor café bistro tables and seating shaded by umbrellas, new monument signage, redesigned restrooms, updated lobbies featuring digital directories and fully-renovated conference/training room facilities. KBS plans to invest additional capital to position Edens Corporate Center as the premier suburban office asset.
Just west of Skokie Boulevard, Edens Corporate Center’s location provides tenants with an upscale setting in Chicago’s North Shore community in the North suburban office submarket. The prime location offers immediate access to the expressway system, robust nearby amenities and close proximity to executive housing. Edens Corporate Center generates strong demand for a variety of tenants as it offers diversity in space size and has been especially successful in accommodating the expansion needs of the existing tenant base. Current tenants include Blue Chip Marketing, Northwestern Mutual, Nord Anglia Education, Scott Evans and SAS Architects & Planners.
NAI Hiffman has leased and managed the asset since 2012, leading efforts to restabilize the property during renovations, bringing occupancy from 62% to 93% today. Michael Flynn, Linda Garske and Jason Wurtz, with NAI Hiffman’s office services group, will continue to market existing and upcoming availabilities.
“The property has attracted an elite mix of tenants including Blue Chip, Northwestern Mutual, Iron Financial, BCD Travel, amongst others,” said Brett Merz, senior vice president and asset manager of KBS. “Chicago’s North Shore, and specifically Edens Corporate Center, is a popular place for business and we are pleased to add this asset to the KBS portfolio.”
