New York real estate investor Group RMC Corp. agreed to the $84 million purchase of the Executive Towers West office complex in Downers Grove, Ill., from private equity giant Blackstone Group LP, Crain's Chicago Business reported, citing an unnamed source familiar with the trade.
Prior to finalizing a deal for the three-building complex, Group RMC signed a $132 million contract in April to buy the 1.1 million-square-foot Westbrook Corporate Center in Westchester, Ill., from Blackstone.
The source placed the deal's value at $123 per square foot, adding that it is slated to be Blackstone's fourth divestment of a suburban Chicago office property since December 2017.
CBRE arranged the deal for the buildings at 1400, 1411 and 1431 Opus Place, which are 89% occupied by 42 tenants.
Blackstone bought the complex in 2011 under a $1 billion deal with industrial landlord Duke Realty Corp. for a portfolio of assets, among which the three buildings were worth about $60 million, the publication added, citing research firm Real Capital Analytics.
Separately, the private equity firm placed two Illinois office properties, named O'Hare International Center in Rosemont and the 233,000-square-foot Oak Brook Gateway building, on the market, with the former priced at roughly $75 million, the June 6 report noted.
