In its second significant suburban Chicago office acquisition in four months, Middleton Partners, a Northbrook, Ill.-based real estate investment firm, has acquired Balmoral Business Campus.
The two-building, 230,754-square-foot office complex is located at 5400 and 5500 Pearl Street in Rosemont, Illinois.
Simultaneously, Middleton Partners announced that Colliers International has been retained as its exclusive property leasing and management firm. Francis Prock and Darryl Silverman, both principals with Colliers, will lead the leasing efforts.
The seller, TA Associates, was represented by CBRE’s Paul Lundstedt, executive vice president, and Dan Deuter, senior vice president. The sale price was not disclosed.
Built in 2001, Balmoral Business Campus is about 85 percent leased, with a vast majority of the space occupied by institutional-quality tenants.
•5400 Pearl is a three-story building totaling 97,517 square feet. About 85 percent of the space in the building is occupied by the laboratory testing arm of Advocate Health and Hospital System.
•5500 Pearl is a four-story, 133,237-square-foot building occupied primarily by Xerox Corporation. In 2017, 5500 Pearl will feature a two-floor, 70,000-square-foot contiguous block of available space.
Balmoral Business Campus is situated directly west of I-294 and south of I-190.