In October 2015, Adventus closed on its seventh office property, Highland Landmark V at Downers Grove, in suburban Chicago. The 2008-built property is the fifth and final building located within the 42-acre Highland Landmark Office Park – the elite Chicagoland office park heralded for its market-leading asset quality, design, and irreplaceable location.
Located in Downers Grove, Illinois, Highland Landmark V has 251,229 square feet of leasable space, and was acquired for US $71.6 million. The property, which is 100% leased with an average lease term of 9.4 years, includes the national headquarters location for both DeVry Inc. (a for-profit educational service provider founded in 1931, listed on the NYSE with annual revenues of US $1.9 billion and market capital of US $1.8 billion) and Dover Corporation (a diversified global manufacturer, listed on the NYSE with annual revenues of US $7.7 billion and market capital of US $9.4 billion).
The debt financing for the property was initiated by JP Morgan who provided $46.54 million of non-recourse first mortgage financing on a 5 year basis at a fixed interest rate of 4.451%.
“Highland Landmark V is a modern commercial property strategically located in suburban Chicago,” stated Rod Johnston, President and CEO of Adventus. “With this acquisition Adventus has grown its portfolio to approximately 2.4 million square feet with a value of approximately US $350 million. The property is the newest of five located in the Highland Landmark Office Park and is widely regarded as suburban Chicago’s top office park. It is located along the I-88 expressway at the west side of Oak Brook, providing access to both O’Hare and Midway International Airports, with an unrivaled local amenity base and affluent residential communities.”