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The Davis Companies expands Chicago-area presence with Northbrook office acquisition

As seen in the Daily Herald Business Ledger

Also mentioned in RE Journals

Also mentioned in Real Estate BISNOW

Northbrook -- The Davis Companies has acquired the Edens Corporate Center, an 8-acre property featuring twin Class A 188,000-square-foot four-story office buildings at 630 and 650 Dundee Road in Northbrook.

The Davis Companies entered the Chicago market in 2010 with the acquisition of The Crossings of Oak Brook in Oak Brook, followed by the 2011 purchase of Silver Tower, a 38-story multifamily project in the River North neighborhood of Chicago.

With assistance from NAI Hiffman’s management and leasing teams, The Davis Companies established a program to better understand the asset and identify areas warranting attention. It was accomplished by engaging existing tenants, improving day-to-day services and committing to several improvement projects such as modernizing the washrooms and the onsite café.

“Our goal is to elevate any property we obtain and to make it a more enjoyable place to live or work for the people who call it home,” said Duncan A.C. Gilkey, senior vice president and director of leasing for the Davis Companies.

In April, NAI Hiffman established an on-site property management office headed up by Thomas Murphy, who most recently managed 123 N. Wacker Drive, a Class A, 540,000-square-foot office asset in downtown Chicago.

“The Davis Companies is a well-funded firm that has demonstrated within a short timeframe their ability to reposition the asset by expanding existing and committing to new tenants who wish to be in a well-maintained, North Shore location,” said Bob Assoian, managing director for NAI Hiffman, the firm chosen as the leasing and property management providers for Edens Corporate Center. “We are excited to be partnering again with The Davis Companies to deliver a shared philosophy of stellar customer service.”

The approach is already providing momentum for leasing efforts at Edens Corporate Center. Among the latest activity:

  • Brown CPA Group, Ltd., recently signed an 11-year lease for 5,896 SF, moving to Edens Corporate Center from the neighboring office park at 666 Dundee Road. Brown CPA advises clients on business and financial matters and provides tax and accounting services. Jason Wurtz, Michael Flynn and Linda Garske of NAI Hiffman represented The Davis Companies, while Hank Cox of CBRE represented Brown CPA Group, LLC.
  • Blue Chip Marketing has agreed to a 2,818 SF lease expansion. The transaction marks Blue Chip’s third expansion at the property; the company currently occupies more than 19,000 SF. Blue Chip Marketing is a Northbrook-based independent global firm focused on healthcare, retail and brand marketing. Their clients and client partners include CVS, Walgreen’s, Lowe’s, The Home Depot, Blue Bunny, Duracell, Meijer and many more. NAI Hiffman brokers Flynn, Wurtz and Garske represented The Davis Companies. Blue Chip Marketing was represented by Chris Cummins of Colliers International.
“The strong location of Edens Corporate Center coupled with the corporate park environment make this asset a great leasing endeavor for our company,” says Linda Garske, senior vice president of NAI Hiffman. “With over 30,000 square feet available, our near-term goal is to assist in efforts to polish up the asset, convert the available suites into ‘market ready’ spaces and to effectively communicate our message to the tenant community that we are the best value alternative in the north submarket.”

 

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