A 202,500-square foot Lisle office building will sell for just 28 percent of the price it fetched in 2006, dropping from $36 million down to just about $10 million, Chicago Real Estate Daily reports.
According to the site, Walton Street Capital LLC and GlenStar Properties LLC have agreed to buy 2400 Cabot Drive, formerly the home of CA Technologies, which moved to a smaller building at Central Park in Lisle in early 2012; the site calls it “the latest example of investors taking on a big leasing challenge in the Chicago suburbs in exchange for a dramatically reduced price tag.”
Several factors make the building less-suited for current business needs, real-estate guru and Blackacre Advisors LLC principal Don Wenig told the site, including that it is more suitable for one large corporate tenant than several small ones, and that the parking-space-to-square-footage ratio is lower than companies like in the current recession.
“When you're in a suburban market like this, the overwhelming majority [of workers] are driving to the property,” Wenig told the site. “Most companies are being very efficient with space utilization. They're packing people in 150 to 200 square feet per person. That's one Achilles that building has. When they built it in 1987, companies were using space a lot more liberally than they are today.”