Ryan Companies buys land in Oak Brook for office campus

Ryan Companies US Inc. bought 11 acres of land in Oak Brook with plans to develop a commercial office and medical campus.

The development, likely to have a construction volume exceeding $70 million, is adjacent to the I-88/I-294 interchange with frontage along the western side of York Road.

"This acquisition continues our strategic approach for Ryan to be a leader in delivering complex, signature developments in proven markets and asset classes throughout the Chicago metropolitan area," said Tim Hennelly, president of the Great Lakes Region of Ryan Companies.

In addition to owning the property, Ryan also will provide development, design-build and real estate management services. NAI Hiffman will serve as broker, and Wright Heerema Architects will provide architectural services. Convergent Capital Partners, a real estate private equity firm headquartered in Tampa, Florida, sold the property, which it had acquired in June 2013.

"Closing on the land purchase is a significant milestone for our development," said Jim McDonald, vice president of development for Ryan's Great Lakes Region. "It's a rare opportunity to be a part of Oak Brook's sought-after and vibrant business, retail, and transportation corridor, and we're excited to transform this underutilized parcel of land."

The 11-acre site currently contains an industrial building and surrounding parking lots, all which will be razed this summer.

With regional offices in Naperville and Milwaukee, Wisconsin, Ryan's Great Lakes Region works throughout the Chicago metropolitan area and has developed and/or constructed projects for such customers including Target, Wirtz Beverage Illinois, Delta Dental of Illinois and Loyola University Health System.

Some of Ryan's projects currently underway in the region include two Children's Hospital of Wisconsin clinics, one in Brookfield, Wisconsin and the other in Mequon; Resnick Automotive Group's Schaumburg Toyota dealership and service center in Schaumburg; and Clarendale of Algonquin and Clarendale of Schererville senior living communities in Algonquin and Schererville, Indiana.