Avison Young awarded 134,000-SF office building sale listing in Chicago5 Apr 2021
Well-located suburban property is fully leased to long-term, strong credit tenant
Chicago, IL – Avison Young announced today that it has been awarded the exclusive disposition assignment for a fully-leased, 134,697-square-foot (sf) corporate office building in the Chicago suburb of Bolingbrook, IL. The building is 100% leased on a long-term basis to ATI Physical Therapy, a leading U.S. outpatient healthcare provider with 887 clinics in 25 states.
Avison Young Principals Erik Foster and James Hanson, both members of the firm’s national capital markets group, are representing the seller, Chicago-based Indevor Investments. The seller has completed a comprehensive renovation to accommodate ATI’s expanding corporate office requirements.
“This is a unique opportunity for an investor to secure a building that is fully leased and backed by a dynamic, long-term healthcare tenant,” comments Foster. “The ATI headquarters building is the company's centralized non-clinical operations hub and is a mission-critical facility that enables its business to further scale its national platform.”
The two-story facility, located at 780-800 Remington Boulevard, has housed ATI’s corporate headquarters since 2007. Following years of steady and rapid growth, ATI Physical Therapy was purchased by a private equity firm, Advent International, one of the world’s leading private equity firms, which has decided to take ATI public in 2Q 2021.
Over the years, ATI Physical Therapy has expanded in the building from 35% occupancy to 100% occupancy. The company completed multiple lease extensions to maintain tenancy in the building on a long-term basis. Over time, the tenant has also invested its own capital to further customize the building to meet its evolving needs. The building is currently being used for corporate management and administration, as well as clinical support functions.
“This building is a unique asset, and a real success story for the Chicago suburban market,” says Hanson. “With ATI’s further commitment to the property through a long-term lease and the support of its PE firm, this asset should generate considerable interest from the investment community.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada' s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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