Two Pierce Place _Property for Sale
Two Pierce Place _Property for Sale
2 Pierce Place, Itasca, IL, 60143-1203, US

Two Pierce Place

Asset Description

Jones Lang LaSalle (Illinois), L.P. (“JLL”) as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in Two Pierce Place (the “Property", "Two Pierce", or "Building"), a 518,857 RSF Class A office building situated within the idyllic Hamilton Lakes Business Park. The fully-amenitized and renovated asset has benefited from over 300,000 RSF of recent leasing over the last 24 months bringing occupancy to 72.4%. Two Pierce features 8.3 years of remaining weighted average lease term (“WALT”), providing a fantastic runway of cash flow towards continuation of the leasing plan and stabilization. The business plan is aided by a $29 million renovation to amenities, lobby, common corridors and restrooms and building infrastructure, which was completed in 2023. These upgrades will allow a new investor to continue the positive leasing velocity and take advantage of the flight to quality trend occurring across the country.

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Attributes

Occupancy
72%
WALT
8.3 years
Year renovated
2023
Year built
1991
Building area net
48,203 m²
Number of floors
27

Media

Investment Highlights

  • Durable In-Place Cash Flow with Remaining Upside – 72.4% Leased with 8.3 Years of WALT


  • The Poster Child for Flight to Quality in Chicagoland – 300,825 RSF of Leasing in Prior 24 Months


  • $29 Million Capital Infusion, Coupled with Fully Renovated Amenities & Common Areas, Drives Leasing Velocity


  • The Most Attractive Building in the Most Active Suburban Submarket – 28% of Leasing Velocity in the Northwest Office Submarket


  • Irreplicable Connectivity Enhanced by Ongoing $3.4 Billion Elgin O'Hare Western Access Project


  • Strategic Location Draws Tenants from the Manufacturing, Distribution & Logistics Industries


  • Best in Class Area Amenities Within Hamilton Lakes



  • DuPage County Location & Tax Advantage – $7.3 PSF Savings to Cook County
Two Pierce Place  4_Property for Sale
Two Pierce Place  4_Property for Sale

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Last updated
7 Oct 2024