FD Stonewater acquired this asset in 2015 within the firm's single-tenant opportunistic strategy. The asset was 100% occupied by Amoco Research Operating Company, a subsidiary of British Petroleum (BP), and located in a premier Chicago submarket within a 650-acre master-planned, mixed-use commercial development. The property was originally constructed to support the business operations and trading platform of BP and serves as a hub for its training operations center. At acquisition, FD Stonewater was aware of the high likelihood that the tenant would vacate the property upon lease expiration and incorporated this into the asset's business strategy. Investment opportunity highlights include above-standard parking ratio, below-market rent, significant marketing time to re-lease, depth of major corporations in the market, strengthening market fundamentals, and superior building design and construction. The property sold in August 2020.
Category: Investment/Asset Management