Hoffman Estates building sells for whopping price
Chicago Real Estate Daily reports: At a time when office building prices are falling, a little-known New York developer has paid more than $38 million — an astounding $530 a square foot — for the new Hoffman Estates headquarters of an industrial clay producer.
A venture managed by Harold Thurman of New York-based Thurcon Properties Ltd. last week bought a 72,000-square-foot building in the Prairie Stone Business Park leased to Amcol International Corp., according to sources and public records. Amcol has a 20-year lease on the two-story structure, which was completed about two months ago.
On a per-square-foot basis, the transaction is one of the most expensive of the year, based on previous deals reported by New York research firm Real Capital Analytics Inc. It tops the $393 per square foot paid for UBS Tower, 1 N. Wacker Drive, a $540-million transaction, but is less than the $618 per square foot paid for the Whole Foods Market store at 3640 N. Halsted St., a $28.1-million transaction.
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Posted by: Nina Turner