Chicago, IL
CBRE Arranges 64,883 Square Foot Headquarters Lease in Chicago Suburbs
February 22, 2024
Media Contact
Corporate Communications, Midwest
CBRE has arranged a new 64,883 square foot headquarters lease within Oak Brook Pointe, a 218,192 square foot Class A office building in Oak Brook, IL. Sasser Family Companies, a family-held business, has signed a lease for the 4th floor and part of the 5th floor. This new Oakbrook location will enable Sasser to continue their growth in the rail, automotive, aviation and containerized shipping sectors where their portfolio of companies own, lease, and manage transportation assets.
CBRE’s Jeff Mann represented building ownership, Principal Asset Management SM, in the transaction. Sasser Family Companies were represented by Max Chopovsky from MCCS Realty, LLC. CBRE handles the Property Management at Oak Brook Pointe. Over the past 12 months, just under 100,000 square feet of transactions have taken place at the property.
Located at 700 Commerce Drive, the building has recently completed significant renovations including an expanded fitness center, deli, upgraded common areas, and a new 5,000 square foot conference center. The building is highly visible to I-88, is in proximity to expressways, and is within walking distance to Oakbrook Center.
“In a challenging suburban Chicago office market, Oak Brook Pointe stands out through strategic investments in the building.” said Mann. “Because the building is owned debt free, Principal Asset Management’s real estate team was able to allocate resources to make substantial capital improvements in the building and stay in front of the flight to quality trend.”
The flight to quality trend has continued according to a recent report from CBRE. In the East-West Tollway submarket, where Oak Brook Pointe is located, Class A space had positive absorption of 142,058 square feet in 2023, while Class B and C space had negative 647,054 and negative 51,147 square feet respectively. The East-West Tollway submarket was one of two suburban submarkets to end the year with positive Class A net absorption at 142,058 square feet. The other, O’Hare International Airport, had just 4,581 square feet of positive net absorption in 2023.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Principal Asset ManagementSM
With public and private market capabilities across all asset classes, Principal Asset ManagementSM and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.1 Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $506.9 billion in assets1 and recognized as a “Best Places to Work in Money Management”2 for 11 consecutive years.
1 As of September 30, 2023
2 Pensions & Investments, “The Best Places to Work in Money Management”, December 12, 2022
© 2023 Principal Financial Services, Inc. Principal®, Principal Financial Group®, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are trademarks and services marks of Principal Financial Services, Inc., in various countries around the world.
About Sasser Family Companies
Sasser Family Companies is a family held transportation asset services and management company with roots that began in Chicago 96 years ago. What started as a single company has grown to include six subsidiaries: Chicago Freight Car, CF Rail Services, Union Leasing, Express 4X4 Truck Rental, Falcon Lease, and Xcēd. Our businesses are leaders in providing commercial- and industrial-focused rail, shipping, vehicle, and aviation transportation equipment solutions including leasing, fleet management, repair, maintenance, and innovative technology services. Recognized as a leading Chicago employer by Crain’s and Fortune, Sasser prides itself on supporting a culture that empowers, recognizes, and rewards employees. For more information about Sasser Family Companies, visit www.sasser.com.
About MCCS Realty
Led by industry veteran Max Chopovsky, MCCS is a boutique real estate advisory firm helping companies across the country craft occupancy solutions to support and enhance their employee experience. On a quest to understand and share the latest market, design and culture trends, Max has interviewed thought leaders for his Future of Work podcast, written for publications such as the Harvard Business Review, and moderated and participated in various industry panels and roundtables. www.mccsrealty.com.