TDC Bids Farewell to Chicago Office Asset
- Oct 29, 2015
The Davis Cos. (TDC) of Boston parted ways with a Class A, four-story, 188,040-square-foot office property in Northbrook, Ill. The 28-year-old Edens Corporate Center located at 630-650 Dundee Road was acquired by Newport Beach, Calif.-based KBS Realty Advisors. HFF Managing Director Mark Katz represented TDC in the transaction.
Directly adjacent to the I-94 interchange in the Chicago suburb of Northbrook, Edens Corporate Center houses 29 tenants such as Blue Chip Marketing Worldwide, Meritas, Northwestern Mutual, and many more. NAI Hiffman Commercial Real Estate was in charge of property management and leasing activities.
After purchasing the asset back in 2011, TDC invested in an extensive capital improvement program, raising occupancy levels from 72 to 94 percent. This year, the property was the recipient of BOMA’s Toby Award for “Outstanding Building of the Year” in the Renovated Building Category.
“Having been capital starved for many years, our goal was to revitalize what we believed was a core asset with highly desirable executive underground parking in an affluent submarket,” Duncan Gilkey, senior vice president at TDC, said. “We quickly changed management and identified major areas for improvement, focusing on tenant amenities and deferred maintenance.”
Image courtesy of The Davis Companies