KORE Investments Acquires Class A Office Building in Metro Chicago for $128.5M
DOWNERS GROVE, ILL. — Colorado-based KORE Investments has acquired Esplanade II, a Class A office building totaling 583,982 square feet in the Chicago suburb of Downers Grove, for $128.5 million.
Located at 3500 Lacey Road, the property is situated on 19 acres of the Esplanade office campus at the convergence of I-355 and I-88 in the East-West Corridor submarket. Building amenities include a deli, conference facility, parking deck and car wash service. Additional campus amenities include an on-site daycare and a fitness center.
A Doubletree Hotel is also located on the campus, and a shuttle service offers transportation to the nearby Metra BNSF Line Belmont Station. The property offers direct access to the Oak Brook and Yorktown retail corridors.
At the time of sale, Esplanade II was 96.9 percent leased to tenants including Cooper’s Hawk Winery & Restaurant, Kia Motors and Glanbia Performance Nutrition.
Skidmore Owings Merrill designed the building, which was originally built in 1992 and has undergone more than $7.4 million of capital improvements since 2014.
Patrick Shields, Jeff Bramson, Jaime Fink, Sam DiFrancesca and Bruce Miller of JLL represented the seller, BentallGreenOak’s U.S. Core Fund.
— Alex Patton and Kristin Hiller