Chicago-based BA Investment Advisors has added to its portfolio of suburban office space.
The company, which has been actively buying office properties in the Chicago area, is under contract to pay $40 million for the Pointe O’Hare office building at 9550 West Higgins Road in Rosemont, Crain’s reported. The deal will be BA’s fourth suburban Chicago office purchase in two years.
The Larry Elbaum- and Jeff Bernstein-led firm has spent more than $80 million since September 2020 on office properties in Downers Grove, Northbrook and Deerfield. The Rosemont property is one-third vacant, which is higher than the 22 percent average in the O’Hare submarket.
BA said it’s planning to lease out the remaining space in the 21-year-old, 11-story building, which includes two vacant contiguous floors totaling more than 50,000 square feet.
The firm bought the Pointe O’Hare office building as part of a $3.3 billion portfolio acquisition from GE Capital Real Estate in 2015. Blackstone invested an additional $8.5 million in the building to make the offices move-in ready and update the fitness center as well as conference rooms and the parking garage.
The building’s largest tenant is an arm of the Air Line Pilots Association, which represents United Airline pilots. Most of the building’s 18 tenants are part of the financial, insurance or real estate sectors.
Elbaum and Bernstein spent about $23 million on the Edens Corporate Center in Northbrook, $16 million for an office building in Deerfield and $44 million for the nine-story Finley Point office building in Downers Grove.
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