Avison Young negotiates sale-leaseback
Avison Young said it has negotiated the sale-leaseback and restructuring of a 69,500-square-foot office building in Chicago's O'Hare submarket. The building, at 1001 E. Touhy Ave. in Des Plaines is principally leased to the Lutheran Social Services of Illinois.
Avison Young Principals Hugh Williams and Michael Fonda, both based in the company's Chicago office and members of the firm's industrial practice group, represented MK Asset Management in the acquisition of the property. Jonathan Sealey represented the seller, Lutheran Social Services of Illinois. Financial details were not disclosed.
"With tremendous infrastructure improvements to I-90, I-294 and O'Hare International Airport, coupled with strong fundamentals, the O'Hare submarket is one of the premier suburban office markets in the country, and we're excited about planting a flag here," comments Jared Margolis, President of MK Asset Management. "1001 E Touhy marks the first of several assets we're looking at in this area of Chicago, and the Avison Young team will be helping us expand our footprint."
MK Asset Management began capital improvements to the property immediately upon acquisition, with interior and exterior common space improvements concluding in June 2018. The property features an updated tenant lounge and common areas, new roof, easy accessibility to O'Hare International Airport and is directly adjacent to I-90.
Avison Young Principal Fred Ishler and Associate Olivia Parker, both based in the company's Chicago office and members of the firm's suburban agency leasing group, will represent MK Asset Management in the marketing and leasing of the property.
"Our goal is to acquire assets aggressively on the front end," adds Margolis. "This allows us to provide optimal rates and exceed tenant expectations."