The landmark Oakbrook Terrace Tower has been purchased by the Napleton Automotive Group.
The building is at One Tower Lane, at 31 stories high, is the tallest building west of Chicago to the Rocky Mountains. The purchase price was $60m and includes the tower, a smaller industrial building, and three parcels of land.
Banner printing might be used at such sites to inform residents of new acquisitions.
The tower building has been listed by the county with a fair cash value of $102m. Prior sales of the property were $90m in 2015, $96m for all three parcels in 2007. The current values of the other two parcels of land are $3.78m and $3.97m based on property tax bills from last year.
The deed was signed by Blackstone, a private equity company. A spokesperson from Blackstone said that the firm is looking to invest in areas with strong fundamentals that are in large demand. The spokesperson added that this why most of the real estate owned by the firm is in data centers, student housing, and logistics, as opposed to traditional office space in the United States.
The Napleton Automotive Group was founded in Chicago in 1931 and is now a chain of 74 locations across seven states. There is speculation that the company may relocate its main office to the tower, according to Crain's Chicago Business.
Location
17W733 Butterfield Road
Suite A
Oakbrook Terrace, IL 60181
Get Directions →
Phone
Hours
Mon: 8:30 - 4:30
Tue: 8:30 - 4:30
Wed: 8:30 - 4:30
Thu: 8:30 - 4:30
Fri: 8:30 - 4:30
Sat: Closed
Sun: Closed