Equus Capital Partners, Ltd. (“Equus”), one of the nation’s leading private equity fund managers, announced today the sale of Tallgrass Corporate Center in Bolingbrook, Illinois. The 533,365 square-foot class-A office center was sold for $67,300,000 to Middleton Partners and was 100% leased at the time of sale.
James Postweiler and Peter Harwood of Jones Lang LaSalle represented the seller in the transaction.
Tallgrass Corporate Center was acquired in 2004 on behalf of an affiliate of Equus, BPG Investment Partnership VI, L.P., a $384-million-dollar equity fund. Since acquisition and after spending approximately $18 million in renovations, Equus transformed the office and manufacturing property, which was the former headquarters of Tellabs, into an award winning multi-tenant class-A office facility. The redeveloped property was certified LEED Silver in 2013. Tallgrass Corporate Center was awarded The Office Building of the Year in the Renovated Building Category in 2009 by The Building Owners and Managers Association of Suburban Chicago and awarded Energy Star label in 2009 and 2011-2014 for operating efficiency.
“This was a major redevelopment of a vacant single building that now serves as the corporate headquarters for Ulta Beauty and additional high quality tenants such as Presence Health, Quad/Graphics and Adventist Hinsdale Hospital,” said Joe Neverauskas, Senior Vice President of Equus’ Chicago Office. “It is a unique asset within the submarket on a 50-acre site that could be expanded in the future.”
“The asset’s significant infrastructure, large flexible floor plates, high ceilings, generous parking and park-like setting allowed us to attract high quality tenants looking to secure long term occupancies,” commented Chris Locatell, Senior Vice President at Equus who oversaw the disposition for Equus.
Located approximately one mile north of Interstate 55, Tallgrass Corporate Center offers best-in-class on-site amenities including a full-service cafeteria, fitness center complete with locker rooms and showers, and state-of-the-art auditorium and conferencing capabilities. In addition, the office center offers an outdoor patio and seating area and jogging path with scenic views of the property’s five-acre lake, providing a serene setting for tenants to relax and exercise.
About Equus Capital Partners, Ltd.
Equus Capital Partners, Ltd. is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of approximately 18 million square-feet of office, retail, and industrial properties and over 11,000 apartment units across 49 multi-family communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, PA, and with offices in Philadelphia, Chicago, Los Angeles, Washington, D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.
