Skokie, IL, January 26, 2017 – Chicago-based American Landmark Properties has announced the acquisition of the Illinois Science + Technology Park (“ISTP”) located at 4901 Searle Parkway, Skokie, IL. American Landmark Properties acquired the property for $77 million from Forest City Realty Trust, which purchased the property in 2005.
ISTP is situated on an approximately 24-acre corporate campus, with nearly 556,650 square feet of fully developed office, laboratory, and amenity space.
Scott Brandwein and David Saad of CBRE have been retained as the leasing agents for the ISTP property.
“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.
ISTP offers a high-profile, research-oriented campus complete with a central quad and flexible buildings designed to accommodate demand from life science and technology users at various stages of the corporate life cycle – from startup to Fortune 500. To date, approximately 510,000 square feet of the campus has been repositioned into first class office/ R&D facilities.