Newmark Knight Frank (NKF) has been appointed as the leasing agent and property manager of 544 Lakeview Parkway in Vernon Hills, Illinois. NKF was hired by 544 Lakeview LLC, a joint venture of Ravinia Capital Group and other private investors, that recently acquired the property.
544 Lakeview is a 139,324-square-foot, Class A, three-story office building located in the affluent northern Chicago suburb of Vernon Hills. The property is situated within Continental Executive Office Park, less than a mile south of the intersection of Milwaukee Avenue and Route 60 (Townline Road). Ravinia has plans to complete capital improvements to the property including lobby renovations, upgrading the bathrooms, common areas and patio.
The property was sold 70 percent leased, with an attractive group of corporate tenants occupying 60 percent of the building. Negotiations are also underway, with a tenant expected to occupy approximately 3.2 percent of new space by the fourth quarter of 2018. NKF senior managing directors Rob Lundin and Michael Adams will lead the 544 Lakeview leasing team while regional director of management services Samuel Delisi will head the management assignment.
“We are thrilled to be working with Ravinia on this project,” said Lundin. “Tenants will benefit from having an experienced ownership group committed to capital improvements, as well as the property’s advantageous location and the area’s myriad amenities and access to several highways.”
Ravinia’s attraction to 544 Lakeview included the building’s location, parking and amenities, which are very difficult to replicate within the Vernon Hills submarket. Unique for its size, the building features a parking ratio of approximately five cars per 1,000 square feet, a state-of-the-art fitness center with oversized showers and a full-service café (with an industrial grade kitchen). There is also an outdoor seating area overlooking the building’s man-made lake along with 400 acres of walking/running paths accessible from the property.