BP Puts Suburban Building On The Block
Chicago Real Estate Daily reports: BP has hired real estate firm Jones Lang LaSalle Inc. to market Cantera One, an eight-story structure built in 1997, part of the sprawling Cantera mixed-use development. A BP spokesman confirms that the building and an adjacent vacant parcel are on the market but declines to provide an asking price.
But Chicago-based Jones Lang is aiming for a sale price of $19.2 million, an ambitious goal in a market where few office buildings have changed hands, sources say. To reach that target, Jones Lang is marketing the property to companies looking to pay a premium to own a headquarters-quality office building rather than lease such a facility.
Just nine office properties worth a total of $232 million sold in the Chicago area during the first six months of 2009, but more than $1 billion is on the market, a sign that some sellers think investment activity will pick up, according to a report by Real Capital Analytics Inc.
“Although recent data indicates the market is starting to stir, the headline statistics for the office sector . . . are disappointing,” New York-based Real Capital says.
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Posted by: Mark Alferman