Missner buys Lisle office building for $5.1 million
An office building in Lisle, known as the former headquarters for Porsche Cars North America, was acquired by Des Plaines-based The Missner Group for $5.1 million with plans to spend several millions more in remodeling updates.
The 168,000-square-foot building at 4343 Commerce Court near Warrenville Road saw its main tenant move out a number of years ago and occupancy fell to 30 percent, said Eddie Adler, executive vice president of the real estate investment and construction firm.
The deal closed Tuesday.
"It is one of the few office buildings in the market that will allow us to offer 55,000-square-foot blocks of space for lease," which exceeds the average space, Adler said.
The seven-story office building was previously owned by Chicago-based Riverview Realty Partners. Despite the lack of tenants now, Adler said he believes the remodeling project and the building's location near I-88 will be attractive to new tenants, since the suburban office market has been picking up.
The remodeling project will include an updated lobby, parking lot and conference center, a new roof, Wi-Fi and a new coat of paint.
"We feel this building as a lot of potential," he said.