Class A Office Park Totaling Nearly 300,000 SF In Suburban Chicago Acquired By Joint Venture

HOUSTON, Aug. 8, 2013 /PRNewswire/ -- Transwestern Investment Group (TIG) today announced it has acquired two Class A office buildings in the East-West Corridor office market outside Chicago. Corridors I and II were purchased by a joint venture between Transwestern Sponsorship Equity Partners and Soundview Real Estate Partners for an undisclosed amount. The five-story office buildings, located at 2651 and 2655 Warrenville Road in Downers Grove, Ill., have a total of 299,792 square feet and five parking spaces per 1,000 square feet.

"The Corridors fits our strategy to acquire high-quality, well-located suburban office buildings with above top-of-market parking ratios," said Brandon Allen, TIG acquisition officer. "At 51 percent leased, the project is an excellent choice for tenants in need of a large block of contiguous space. Additionally, we are excited to work with the Soundview Real Estate Partners team, whose decisive and experienced approach proved valuable on this highly sought after asset."

"The East-West Corridor office market continues to outperform the rest of suburban Chicago in terms of deal velocity and completed transactions," said Fred Ishler, Transwestern senior vice president. "We are optimistic that the recent upturn in the market will result in a rapid lease-up of the buildings." Transwestern will provide leasing and management services for the buildings.

Corridors I and II are located adjacent to the intersection of the East-West Tollway (Interstate 88) and North-South Tollway (Interstate 355), approximately 25 miles west of downtown Chicago. The buildings were completed in 1998 and 1999 by Chicago-based Alter Group as part of the Corridors Office Park. The property is situated within DuPage County, which is suburban Chicago's most desirable office location due to its accessibility, strong demographics and large number of major corporate office space users.

ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group is an investment advisor serving a broad range of clients through a diversified array of investment vehicles. A client-focused, relationship-driven approach ensures our priorities are our clients' investment objectives. Trust, integrity and transparency are the cornerstones of our business. Transwestern Investment Group is an independently-operated affiliate of Transwestern, the fully integrated national service provider. Investors benefit from Transwestern's best-in-class capabilities and experience which set the standard of service through access to penetrating local market insight, enhanced access to opportunities and superior local execution strength. For more information, please visit www.transwesterninvest.com.

SOURCE Transwestern Investment Group