Philadelphia-based Equus Capital Partners, formerly known as BPG Properties, Ltd, has agreed to purchase Mid America Plaza in Oakbrook Terrace, Illinois, a Class A office complex with two adjoining ten-story towers. Equus is believed to be paying $190 per square foot for the property, which puts the purchase price at around $80 million, making it the largest Chicago suburban office deal of 2016 to date. The complex is being sold by Illinois Teachers' Retirement System through a fund managed by Dallas-based Lincoln Property, which originally acquired the buildings in 2007 for $99.4 million. Full terms and representation were not disclosed, but CBRE had been marketing the property, and HFF noted that it was representing the Lincoln Property venture in the sale.
Built in 1985 and by Shaw & Associates, Mid America Plaza is positioned along the western edge of the Oakbrook Center mall, which Jim Postweiler, a JLL managing director who is not involved in the Mid America Plaza deal, said is a "huge amenity" for office workers. "It's a focal point of activity. It's like a mini central business district." The two buildings at 1 Mid America Plaza and 2 Mid America Plaza cover 414,442 rentable square feet, and each feature open terraces on odd floors with a six story atrium, underground parking, and 24-hour security. The property is currently 87% occupied, according to marketing materials on the property from HFF's Chicago office.
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