Equus Sheds $67M Suburban Chicago Office Asset

The 533,365-square-foot Tallgrass Corporate Center is fully leased, the tenant roster including Ulta Beauty, Presence Health and Quad/Graphics.

By Ioana Neamt

Tallgrass Corporate Center, Bolingbrook, Ill.
Tallgrass Corporate Center, Bolingbrook, Ill.

ChicagoEquus Capital Partners has announced the $67.3 million sale of Tallgrass Corporate Center in Bolingbrook, Ill. Middleton Partners acquired the 533,365-square-foot, Class A office asset, which was fully leased at the time of sale. JLL’s James Postweiler and Peter Harwood represented the seller in the transaction.

Located roughly one mile north of Interstate 55, Tallgrass Corporate Center was acquired by Equus affiliate BPG Investment Partnership VI in 2004. Equus invested approximately $18 million in renovations and turned the former Tellabs headquarters into an award-winning, multi-tenant office complex. The asset is LEED Silver-certified and was awarded Energy Star label in 2009 and 2011-2014 for operating efficiency.

“This was a major redevelopment of a vacant single building that now serves as the corporate headquarters for Ulta Beauty and additional high quality tenants such as Presence Health, Quad/Graphics and Adventist Hinsdale Hospital,” Joe Neverauskas, senior vice president of Equus’ Chicago office, said in a statement.

Tallgrass Corporate Center incorporates amenities such as a full-service cafeteria, fitness center with locker rooms and showers, state-of-the-art auditorium and conferencing capabilities, outdoor patio and seating area, and a jogging path with scenic views of the property’s 5-acre lake.

“The asset’s significant infrastructure, large flexible floor plates, high ceilings, generous parking and park-like setting allowed us to attract high quality tenants looking to secure long term occupancies,” added Chris Locatell, senior vice president at Equus, who oversaw the disposition for the firm.

Image courtesy of Equus Capital Partners