Golub and Alcion Ventures have listed a four-building office campus in Oak Brook for an undisclosed price. The hook: it has seller financing.
The Chicago-based Golub and Boston-based Alcion will finance the sale of the Oakbrook 22 campus at 1211, 1225, 1301 and 1315 West 22nd Street, in the suburb west of Chicago, CoStar News reported.
The 389,000-square-foot campus includes two 11-story towers connected by a one-story structure, plus a four-story office building just south of the Oakbrook Center mall.
The office complex is 75-percent leased by dozens of small businesses, according to Cushman & Wakefield. A Michael Jordan’s restaurant occupies the connecting building.
The towers were built in 1985 and renovated a few years later, according to Loopnet. The low-slung building with the restaurant was built in 1969, while the four-story offices were built a decade later.
Golub and Alcion bought the complex formerly known as Oak Brook Executive Center in 2014 for $57.5 million, or $148 per square foot.
The investors then sank nearly $26 million for a new lobby, conference and fitness centers, outdoor seating and covered parking.
Brokers Dan Deuter, Cody Hundertmark, Tom Sitz and Paul Lundstedt of Cushman & Wakefield hold the listing.
Golub and Alcion have experience in seller financing.
They self-financed the sale of a 35-story office 300 South Wacker Drive in Chicago to Miami-based Agave Holdings for less than $100 million. Golub and Alcion bought the tower in 2017 for $155.25 million.
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But by agreeing to provide a new loan to the buyer, lender Deutsche Bank offset all or most of the $96.5 million in debt remaining on the tower, according to CoStar.
Golub and The Family Office, based in Bahrain, are trying to sell the leasehold interest in the historic 22-story Burnham Center tower at 111 West Washington Street, in Chicago. But it’s not clear if it includes seller financing.
— Dana Bartholomew