Free Market Ventures JV Acquires Chicago Office Asset
- Jul 14, 2017
Free Market Ventures, in a partnership with Second City Real Estate, acquired 6400 Shafer Court, a transit-oriented office asset located in the O’Hare submarket of Chicago.
“(The property) ideally fits our business model of partnering with high-quality local operators in strong submarkets,” said Greg Tylee, managing director of Second City, in prepared remarks. “FMV’s business plan will position the building very well within the strong O’Hare submarket.”
The 179,442-square-foot property is currently 88 percent leased to 15 tenants, including Seasons Healthcare Management, Haemonetics Corp. and Cap Gemini. Originally constructed in 1980, the eight-story building was renovated in 1991, 2006 and 2015. The asset will be undergoing renovations to the lobby, as well as the addition of a fitness center and upgrades to the communal spaces. This is the first office investment for Free Market Venture’s FMV Fund I.
The property is located within a mixed-use block that features the Hyatt Rosemont, two Class A office buildings, the City of Rosemont Village Hall, a large parking garage and access to retail. The building is a gateway to Chicago, with its close proximity to the Blue Line ‘L,’ METRA commuter rail, the highway and O’Hare International Airport.
Crossroads Partners will handle property management. Cushman & Wakefield will handle leasing for the property. Most recently, the company also landed an assignment for Prism Capital Partners’ latest historic redevelopment, ON3 in Clifton, N.J.
Image courtesy of Free Market Ventures