The Blackstone Group is selling Commerce Plaza, a three building, 515,005 square foot office complex in Oak Brook, Illinois, for $125 million to Chicago-based Zeller Realty. When completed, this will be the biggest suburban office deal of 2016 and the largest since Blackstone and Wells Fargo bought Deerfield's Corporate 500 Centre from GE Capital Real Estate for $154M last year, according to a Bisnow report. Full terms of the deal were not disclosed, but Blackstone was represented by CBRE in the deal. The building was previously owned by Arden Realty Inc.
Located at 2001, 2015 and 2021 Spring Road and originally constructed in 1974, Commerce Plaza's seven-story buildings are currently over 95% leased, with TreeHouse Foods leasing roughly 100,000 square feet of space for its headquarters. Conveniently located in the heart of Oak Brook, Commerce Plaza is 20 minutes west of downtown Chicago and 15 minutes south of O’Hare International Airport. The property features interconnected buildings surrounded by landscaped grounds with a courtyard focal point and an attached covered parking structure and plenty of surface parking. Zeller also has a deal to buy Woodfield Preserve Office Center in Schaumburg for about $74 million, according to Chicago Business; the acquisitions are Zeller's first in the Chicago suburbs since 2007.
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