The Napleton family, owners of the Napleton Automotive Group, recently acquired Oakbrook Terrace Tower, according to a recent article by Crain’s. The 31-story tower, one of the most recognizable office properties in the suburbs, was purchased for $60 million in an all-cash deal, marking the largest sale of a multi-tenant suburban office building in the past 18 months.
The property, spanning 785,257 square feet, was previously owned by Blackstone Group, which acquired it for almost $89 million in 2015. Despite its previous value, the Napleton venture secured the tower at a relatively low price of $76 per square foot.
The acquisition comes at a time when the office property market is experiencing a slowdown in sales due to higher interest rates and the impact of remote work. Sales of suburban office buildings in the first nine months of the year were down 60% compared to the same period last year, according to research firm MSCI Real Assets. Still, Oakbrook Terrace Tower is projected to generate a net operating income of $10.2 million in 2023.
There’s even speculation that Napleton Automotive Group might consider relocating its main office to the tower, Crain’s reported.
Blackstone, not commenting on the sale directly, emphasized its focus on sectors with strong fundamentals driven by macro demand trends, highlighting its interest in logistics properties, student housing and data centers, with less than 2% of its property portfolio classified as traditional office.
Eastdil Secured facilitated the sale on behalf of Blackstone.