Chicago’s Four Parkway North Fetches $41M
July 5, 2012
By: Natalie Dolce

Norcross, GA-based Wells Core Office Income REIT has acquired Four Parkway North, a five-story office property here in the Central North submarket of Chicago. ...

... The building is fully leased to four tenants—CF Industries Holdings Inc.; Lundbeck Inc.; Randstad Pharma; and Amgen USA. ...

... In Chicago, the third largest office market at 235 million square feet, the city had about negative 715, 755 square feet of absorption in the first half, the second highest total occupancy loss in the country, according to recent JLL’s figures. The city’s vacancy rate stands at about 19.5%. According to Q2 data collected by New York City-based Studley and provided to GlobeSt.com, Chicago mirrors the rest of the country with a large mass of class B and lower-rated space, but very little quality office available Like many big US cities, Chicago has no new office construction underway, with little come to market since the recession.

And according to experts, many large markets, such as Chicago, today have the large block demand for around four new office buildings, but are seeing one building announced – or nothing. ...

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