American Landmark Properties announced ISTP acquisition
“The Illinois Science + Technology Park represented a rare opportunity to acquire one of Chicago’s premier life science and technology campuses,” said John Roeser, Executive Vice President, American Landmark Properties. “The three existing fully renovated lab and office buildings are currently 86 percent leased to leading domestic and multi-national life science, energy, and nanotech companies.” Major ISTP tenants include NorthShore University HealthSystem, Astellas Pharma, LanzaTech, Vetter Development Services USA and Fresenius Kabi
Scott Brandwein and David Saad of CBRE have been retained as the leasing agents for the ISTP property. “We are seeing a lot of momentum in the market from Science-based R & D companies encompassing a variety of industries, along with our Chicago-area research universities,” said CBRE’s Brandwein. “With all of this activity, we are seeing an increase in demand for quality lab space with modern infrastructure,” said CBRE’s Saad. “ISTP provides the highest quality opportunity in the Chicagoland area.”
Included in the acquisition is the 136,000-square-foot 8030 Lamon Avenue building shell which is ideal for a build-to-suit tenant. Additional development opportunities include up to 1.3 million square feet of new office and lab facilities on the ISTP campus and a 500,000-square-foot, mixed-use retail and residential project directly on Oakton Street, the central thoroughfare of downtown Skokie. “Our strategic acquisition philosophy is to seek and acquire value-add and opportunistic mid-cap office, industrial and multi-family properties in the Midwest and East Coast,” said Roeser. “We are structured to make decisions quickly which was the case with the Illinois Science + Technology Park.”
“The Illinois Science + Technology Park is a significant contributor to Skokie’s employment base and economic growth,” said Skokie Mayor George Van Dusen. “I expect that the park will continue to grow and contribute to Skokie’s economy while also providing economic stimulus for the state and Midwest region.