Transwestern’s Chicago office has brokered the sale of 2300 E. Devon in Des Plaines on behalf of O’Hare Lake Office Park LLC. The 239,331-square-foot, four-story office building was purchased by Saban Capital for $39 million, or $163 per square foot. The FAA Great Lakes Regional Headquarters and a smaller GSA tenant lease 92.5 percent of the building.
“Recently, there have only been a handful of long-term, single-tenant leased office opportunities of size in the Chicago suburbs,” said Gary Nussbaum, managing director of Transwestern. “2300 E. Devon was very attractive to investors as the FAA has occupied the building since 1971. Combined with the building’s close proximity to O’Hare, this gave investors a high degree of confidence that the FAA will continue to occupy the building in the long-term.”
2300 East Devon is one of five multi-story buildings within the 50-acre O’Hare Lake Office Park. The property was 94 percent occupied at the time of sale.
Nussbaum and Thomas Gorman, managing director, exclusively represented the seller in the transaction.
