executive summary · 2018. 7. 11. · credit rating for ajilon is reflective of its guarantor,...
TRANSCRIPT
Executive Summary
Holliday Fenoglio Fowler, L.P. (“HFF”) is an Illinois licensed real estate broker
ONE PARKWAY NORTH
INVESTMENT OVERVIEWHolliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present One Parkway North (the “Property” or
“One Parkway”), a rare opportunity for investors to acquire a core asset in Chicago’s prestigious
North Shore. One Parkway North is a 273,934 rentable square foot (“RSF”), five-story Class A
building that is the cornerstone of the Parkway North Center office campus, one of Chicago’s
premier office campuses. The Property serves as the global headquarters for Essendant
(NASDAQ: ESND, 72.5% of the GLA), a Fortune 500 company with 2016 revenues of $5.4 billion.
Essendant recently recommitted to the Property by extending their lease through October 2027,
with over 10 years remaining, which contributes to the Property’s overall weighted average
lease term of 9.2 years.
Located adjacent to the Tri-State Tollway, the Property enjoys excellent visibility and access to the
surrounding North Shore as well as the CBD and greater Chicago metropolitan area. The asset’s
proximity to decision makers in the North Shore and easy access to Chicago’s vast labor pool
in the North and West, coupled with Lake County’s low taxes, create the perfect environment
for a corporate headquarters location, evidenced by Caterpillar’s recent announcement of their
headquarter relocation to Deerfield. Including Caterpillar, of the 34 Fortune 500 companies
that are headquartered in the Chicago area, 24 of them are located in the suburbs, and 16 are
located in the North Suburban submarket, specifically Abbott Laboratories, Abbvie, Allstate,
Anixter, Baxter, Caterpillar, CDW, Discover Financial, Essendant, Illinois Tool Works, Mondelez
International, Packaging Corp of America, Tenneco, W.W. Grainger and Walgreens. In addition,
One Parkway North is located proximate to a number of other corporate headquarters such as
AonHewitt, Astellas, Caremark, Hospira, and Takeda Pharmaceuticals.
One Parkway North provides the opportunity for an investor to acquire a core Class A office
asset with a highly secure income stream in a strategic corporate headquarter location in
Chicago’s prestigious North Shore.
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ONE PARKWAY NORTH
KEY INVESTMENT HIGHLIGHTS
A n c h o r Te n a n t a n d G u a r a n t e e d I n c o m e S t a b i l i t y Anchor tenant, Fortune 500 company Essendant, Inc. (formerly known as United Stationers) with revenues of $5.4 billion in 2016, leases 198,730 RSF (72.5% of the gross building area) and recently renewed their lease for an additional 11 year term through October 2027 with no termination option. Long term cash flow is guaranteed as the Property’s weighted average lease term is an impressively high 9.2 years.
Up s i d e w i t h C o m p e t i t i v e B a s i s a t S u b s t a n t i a l D i s c o u n t t o Re p l a c e m e n t C o s tThe lack of new supply in the North Suburban submarket will provide One Parkway North significant room for rents to continue improving in the near future. Built to the highest standard of Class A office developments, One Parkway’s replacement cost today would be in excess of $360 per rentable square foot requiring net rents of $33.00 per rentable square foot (60% above the current market rent for the Property).
O n e - o f - a - K i n d L o c a t i o n One Parkway North provides direct access to the Tri-State and Edens Expressway, along with tremendous visibility to the 155,000 vehicles passing the Property on a daily basis providing tremendous signage opportunities. In addition, the Property is proximate to two (2) Metra stations, connecting One Parkway to the surrounding suburbs, the Chicago CBD, O’Hare International Airport, and two other regional airports.
N o r t h S u b u r b a n S u b m a r ke t a n d L a ke C o u n t y A d d r e s sThe North Suburban submarket routinely outperforms the surrounding areas in occupancy rate, net rents and leasing velocity due to the area’s reputation as Chicago’s premier office market and the premier destination for corporate headquarters and biotech companies. The Lake County address is of further appeal because of the lower tax rates compared to Cook County. Caterpillar, a Fortune 500 (#59) company, recently announced the relocation of their corporate headquarters to approximately 100,000 RSF to Deerfield, which is indicative of the area’s appeal.
P a r kw a y N o r t h C e n t e r : B e s t- i n - C l a s s O f f i c e P a r kOne Parkway North is part of the master-planned, TOBY award-winning office campus known as Parkway North Center. The campus features a Marriott Suites hotel, Bright Horizons daycare center, state-of-the-art LifeStart fitness center, three Pace bus stops, three on-site dining options, Starbucks kiosk, and an adjacent luxury apartment community. The desirability of the office campus is evidenced by the tenant roster, which includes the headquarters of Fortune 500 company Mondelez, CF Industries, Walgreens, GCG Financial, Aerotek, Meridian Group and many others.
I m m e d i a t e A c c e s s t o C l a s s A A m e n i t i e sOne Parkway North benefits from an on-site food service, heated executive parking, a newly renovated atrium, and brand new in-building fitness center. Within a 5 to 10 minute drive of the Property, there are over 50 restaurants, 8 hotels, 11 banks, 9 retail/shopping centers (including Northbrook Court), a Whole Foods and 2 Metra Stations. This vibrant atmosphere leads to strong tenant retention at One Parkway North.
I n s t i t u t i o n a l l y Ma i n t a i n e d t h r o u g h E x t e n s i v e C a p i t a l I m p r o v e m e n tCurrent ownership recently completed a fitness center and renovated the building atrium and on-site food service, in addition to several building upgrades performed in the last year. The total cost of capital improvements completed since acquisition in 2015 (inclusive of the anticipated cost of a BAS capital project) is equal to $3.9 million.
S k i l l e d L a b o r P o o l a n d N o r t h S h o r e L o c a t i o nOne Parkway North’s access to a deep labor pool in the surrounding areas is another advantage of the Property’s North Shore location. Within one mile of One Parkway, 75.4% of residents have obtained a Bachelor’s degree or higher, the average annual household income is $228,860 and the median housing value is $597,054. Many decision makers and executives live in the surrounding areas which is another reason why corporate businesses want to be in this submarket.
KEY PROPERTY STATISTICS
BUILDING ADDRESS One Parkway North Blvd, Deerfield, IL
RENTABLE AREA 273,934 RSF
LAND SITE 11.22 acres (488,743 SF)
PERCENT LEASED 92.7%
STORIES 5
DATE COMPLETED/RENOVATED 1988 / 2016
TYPICAL FLOOR PLATE 57,000 RSF
PARKING 934 SPACES (3.64 / 1,000 RSF)
WEIGHTED AVERAGE LEASE TERM 9.2 Years
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ONE PARKWAY NORTH
Summary of Primary Tenants Leased SF % Share (1) Current Net Rent/RSF Current Market Rent/RSF % Above / Below Market Expires Remaining Term Credit Rating (2)
ESSENDANT 198,730 72.5% $18.00 $19.00 -5.26% Oct-27 10.2 yrs NA
FRIEDMAN CORPORATION 15,687 5.7% $18.29 $19.00 -3.74% Apr-20 2.7 yrs Fitch: BBB-
AJILON PROFESSIONAL STAFFING 6,257 2.3% $19.00 $19.00 0.00% Feb-24 6.5 yrs S&P: BBB+; Moody's: Baa1
RIGHT MANAGEMENT 4,458 1.6% $19.67 $19.00 3.53% Sep-18 1.1 yrs S&P: BBB; Moody's: Baa1
ORTHONET SERVICES 3,238 1.2% $19.14 $19.00 0.74% Aug-18 1.0 yrs NA
HENKEL CORPORATION (3) 3,210 1.2% $19.00 $19.00 0.00% Feb-23 5.4 yrs S&P/Fitch: A; Moody’s: A2
BDM INVESTMENTS 1,578 0.6% $19.10 $19.00 0.53% Oct-20 3.2 yrs NA
TOTAL / WEIGHTED AVERAGE LEASE TERM 233,158 85.1% -4.66% 9.2 yrs
(1) % Share is based on Future BOMA Building Siize of 273,934 RSF.(2) Credit Ratings for Friedman, Right Management and Henkel Corporation are reflective of their respective parent companies, Constellation Software, ManpowerGroup and Henkel AG & Company, KGaA. Credit rating for Ajilon is reflective of its Guarantor, Adecco.(3) Henkel is in lease for a 65 month term with a targeted commencement date of 10/1/17.
D e d i c a t e d A n c h o r Te n a n t w i t h C r e d i t Q u a l i t y I n c o m e S t a b i l i t y
Essendant (NASDAQ: ESND), the Property’s anchor tenant, is a publicly-traded Fortune 500 company that recently
memorialized their long term commitment to the Property with a lease extension through October 2027. Formerly
known as United Stationers Supply Company, Essendant is a leading national wholesale distributor of workplace
essentials, and has been headquartered at the building since 2005. Essendant leases 198,730 RSF (72.5%
of the gross building area). The tenant has a ROFO on all remaining space in the building and does not have an option
to terminate, creating the ideal environment for Essendant to increase their footprint within the Property. Essendant’s
anchor tenancy will provide significant stabilized cash flow to an investor looking for a core income stream.
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ONE PARKWAY NORTH
I n s t i t u t i o n a l l y Ma i n t a i n e d Th r o u g h E x t e n s i v e C a p i t a l I n v e s t m e n t
The Property has been maintained and managed to the highest institutional standards with current and recent
ownership investing in significant capital projects. To date, ownership has completed $3.6 million of capital
improvements to the building systems and aesthetics, and are in the process of completing a BAS capital
project. Current ownership’s total capital investment, inclusive of the anticipated costs for the BAS project,
is $3.9 million. These capital projects include the installation of a brand-new fitness center, a renovation of
the atrium, improvements to the on-site food service, modernization of elevators, and HVAC upgrades.
In addition, the restrooms on multi-tenant floors have also been upgraded.
Up s i d e w i t h C o m p e t i t i v e B a s i s a t S u b s t a n t i a l
D i s c o u n t t o Re p l a c e m e n t C o s t
The Property provides investors the opportunity to acquire a Class A office building at a substantial discount to
replacement cost, providing a competitive basis for years to come. Built to the highest standard of office developments,
and institutionally owned and maintained, the cost to replicate the asset today in its superior North Shore location
would be in excess of $360 per square foot. New developments would require net rents in excess of $33 per RSF
which is 60% above current market rents for One Parkway. This spread creates the ideal path to rent growth as well
as a hedge against future speculative development.
NET RENTAL RATE COMPARISON
$-
$10.00
$20.00
$30.00
$40.00
One Parkway NorthNewConstruction
NET
REN
TS
$19.00 / RSF
42% discount toreplacement rents$33.00 /RSF
SUBURBAN CLASS A OFFICE REPLACEMENT COST/SF
Land $35
Core & Shell $160
Tenant Improvements $75
Parking $50
Total Hard Costs $320
Lease Commissions $26
Financing Costs $10
Other Soft Costs $5
Total Soft Costs $41 Total Development Cost ($/GSF) $361 Yield on Cost 9.00%
Net Rents $33
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ONE PARKWAY NORTH
ONE PARKWAY NORTH2 -Way
Interchange94
94
Pace Bus Stop
Pace Bus Stop
Pace Bus Stop
Woodview Apartments at Fifteen
Parkway North
Woodview Apartments at Fifteen
Parkway North10 ParkwayNorth
10 ParkwayNorth
9 ParkwayNorth
9 ParkwayNorth
3 ParkwayNorth
3 ParkwayNorth
4 ParkwayNorth
4 ParkwayNorth
6 ParkwayNorth
6 ParkwayNorth
5 ParkwayNorth
5 ParkwayNorth
DEERFIELD ROAD
DEERFIELD ROAD
HAWTHORNE LANE
DOWNTOWN DEERFIELD (6 Minute Drive)
Lake MichiganLake Michigan
27 Miles toChicago CBD
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ONE PARKWAY NORTH
O n e - o f - a - K i n d L o c a t i o n
One Parkway is located in the prestigious North Shore and
benefits from excellent visibility along the Tri-State Tollway
I-94/I-294. This provides tremendous tenant signage identity
as the Tri-State Tollway is one of the busiest highways in the
country with over 155,000 vehicles passing by the Property
on a daily basis. The North Shore is home to Chicago’s most
affluent communities, with executives and decision-makers that
live just a short distance from the Property, while the Tri-State
Tollway provides easy access to Chicago's deep labor pool.
The 3 on-site Pace bus stops connect the Property to an
abundance of public transportation options, including the
Deerfield and Lake Cook Metra Stations, which are only 2 and
3 miles from the Property, respectively. These Metra Stations
connect One Parkway North to the broader North Shore and
the CBD, allowing tenants to attract Chicago's highly educated
millennial work force, without opening offices in the CBD.
The Chicago Executive Airport in Wheeling is only 5 miles from
the Property, while O’Hare International Airport, the second
busiest airport in the world based on air traffic, is 15 miles from
the Property. This ease of access to world class airports is a
must have for the global headquarters tenants that are located
in Parkway North Center and along the Tri-State corridor.
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ONE PARKWAY NORTH
L a ke C o u n t y - L e a d e r o f B i o t e c h C o n c e n t r a t i o n
Lake County has emerged as a leader in the biotech industry, with nearly 12% of the state's biotech companies
located within its limits. Even more impressive is that 37% of the biotech employment in Illinois is in Lake County,
with its companies employing 30,250, compared with the state's total of 81,000. The average annual salary within
the biotech industry is nearly $90,000, more than 45% higher than the overall average in Lake County and more
than twice the national average. There are more than 100 biotech and pharmaceutical companies in Lake County,
including 10 corporate headquarters, with total worldwide sales exceeding $57 billion. Large corporations in Illinois
have been an important source of early-stage funding to biotech startups with companies such as Abbott, Astellas,
Baxter and Takeda significantly increasing venture capital funding in recent years.
ONE PARKWAY NORTH
4 -WayInterchange
2 -WayInterchange
Woodview Apartments at Fifteen
Parkway North
Woodview Apartments at Fifteen
Parkway North
Hyatt HotelHyatt Hotel
10 ParkwayNorth
10 ParkwayNorth
9 ParkwayNorth
9 ParkwayNorth
3 ParkwayNorth
3 ParkwayNorth
4 ParkwayNorth
4 ParkwayNorth
6 ParkwayNorth
6 ParkwayNorth
Baxter Healthcare Headquarters
Baxter Healthcare Headquarters
Takeda HeadquartersTakeda HeadquartersDiscover Financial
HeadquartersDiscover Financial
Headquarters
5 ParkwayNorth
5 ParkwayNorth
DEERFIELD ROAD
HAWTHORNE LANE
LAKE COOK ROAD
SAUNDERS ROAD
27 Miles toChicago CBD
Cook County LineCook County Line
Pace Bus Stop
Pace Bus Stop
Pace Bus Stop7 Parkway
North7 Parkway
North
94
94
9494
294
294294
294
WalgreensHeadquarters
WalgreensHeadquarters
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ONE PARKWAY NORTH
I m m e d i a t e A c c e s s t o C l a s s A A m e n i t i e s
One Parkway North benefits from having a newly renovated 5-story atrium with
a cafeteria and food-service inside the building, as well as the availability of 934
parking spaces, 36 of which are located in the heated, executive parking garage.
The Property also features a 4,270 SF fitness facility on the 1st floor, completed in
the summer of 2016. The adjacent Marriott Suites hotel provides an unbeatable
hospitality option just steps from the Property. Additionally, the Woodview
Apartments at Fifteen Parkway North are directly north of the Property, and offer
a convenient, luxury rental option for One Parkway North’s tenants.
In addition to these on-site amenities, the Property is also proximate to retail
centers that offer a range of dining and shopping options. Restaurants such as
J.Alexander's, Cooper's Hawk Winery, Buca di Beppo, Rosebud and Meritage in the
Mariott, along with fast casual lunch options such as Panera, Subway, Jimmy John's,
and Chipotle are a short drive away from the Property. In addition to the on-site
Marriott Suites hotel, there is also a Hyatt, Embassy Suites, Westin and many other
hotels within the area that provide convenient hospitality for corporate guests. Not
more than 5 miles away from the Property are a plethora of retail offerings, including
Deerbrook Shopping Center and Northbrook Court, which is one of the country’s
most prominent regional shopping malls with 99 stores, a movie theater and several
dining options. Northbrook Court caters to the affluent residents of the North Shore
and includes high-end retailers such as Neiman Marcus, Apple, Louis Vuitton,
Burberry, and Tiffany & Co. Westfield Old Orchard Mall in neighboring Skokie is a
1.8 million square foot complex located only 12 miles from the Property, featuring
over 110 retailers and brands. The shopping center is anchored by Bloomingdale’s,
Lord & Taylor, Macy’s, Nordstrom and Saks Fifth Avenue.
Tri-S
tate
Tollway
CHICAGOEXECUTIVEAIRPORT
Lake Cook Rd
Dundee Rd
Pfingsten Rd
Western Ave
Landwehr Rd
Saunders Rd
Walters Ave
Techny Rd
Willow Rd
Deerfield Rd
Waukegan Rd
Waukegan Rd
Edens Expressway
Edens Spur (Toll Road)
NorthbrookCourt
DeerbrookShopping Center
Future Site:NorthShore770
Greek Feast Leonard's
BakeryOnce Upon
a DeliJake's
Pizzeria
simply thai
Francesco’shole in the wall
Max’s Deli
Next DoorB i s t r o
Charlie Beinlich’sf o o d & t a p
site1000 Skokie Blvd
RT Lounge
Tastes of Chicago
Old Munich Inn
Joe’s PizzeriaPinhead’s Jeffrey Lanes
Golden Chef
First American Bank ATM
294
94
94
94
41
43
6868
21
83
83
21
68
43
94
Parkway Bank & Trust Co
Lake Michigan
4 WayInterchange
2 WayInterchange
ONE PARKWAY NORTH
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ONE PARKWAY NORTH
C h i c a g o’s P r e m i e r O f f i c e S u b m a r ke t
The North Suburban submarket’s strong demographics and high-end housing stock provide an exceptional labor
pool that keeps vacancy rates consistently below the suburban average and makes it the premier option for Chicago
area companies. The North Suburban market is the preferred headquarters location for companies in the biotech,
pharmaceutical, advanced manufacturing, financial services and professional services industries, as demonstrated
by Caterpillar’s recent announcement of their headquarter relocation to Deerfield. Of the 34 Fortune 500 corporate
headquarters located in the Chicago area, 24 are located in the suburbs and 16 are located in the North Suburban
market. Many of the Chicago area’s largest employers are currently concentrated in the North Suburban submarket,
including Abbott Laboratories, Abbvie, Allstate, Anixter, Astellas, Baxter, Caremark, CDW, Discover, Essendant,
Hospira, Illinois Tool Works, Mondelez International, Packaging Corp of America, Takeda Pharmaceuticals, Tenneco,
W.W. Grainger and Walgreens. Going forward, the lack of desirable land sites should reduce vacancy rates and
foster significant rent growth in the submarket.
S k i l l e d L a b o r P o o l
One Parkway North is well-positioned to tap the diverse and skilled labor pool clustered in the Greater North Shore
area. Within a one mile radius of the Property, over 75.4% of the population possesses a bachelor’s degree or higher
level of education, and the average household income is $228,860. These are astounding numbers compared to
the State of Illinois as only 32.2% have earned a bachelor’s degree or higher and the average household income
is $84,285. With many executives and professionals calling the area home, the immediate area boasts a median
housing value of $597,054, demonstrating the desirability of the region.
1-MileRadius
3-Mile Radius
5-MileRadius
Lake County Illinois
% Attaining Bachelor's Degree or Higher 75.4% 62.2% 58.4% 43.1% 32.2%
Average Household Income $228,860 $154,561 $141,980 $120,529 $84,285
Median Housing Value $597,054 $486,548 $435,138 $276,478 $193,011
Source: Nielsen
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ONE PARKWAY NORTH
90
294
94
94
94
41
41
2222
83
53
21
60
6868
137
21
To Downtown Chicago
SKOKIE
EVANSTON
WILMETTE
WINNETKA
HIGHLANDPARK
LAKE FOREST
DEERFIELD
NORTHBROOK
GLENVIEW
NILES
WHEELING
LINCOLNSHIRE
ONE PARKWAY NORTH
FORTUNE 500 HEADQUARTERS IN CHICAGO MSACHICAGO RANKING COMPANY
FORTUNE 500 RANKING INDUSTRY
2015 REVENUES(IN MILLIONS) LOCATION
■ 1 Walgreens Boots Alliance 19 Food and Drug Stores $103,444 Deerfield,IL
2 Boeing 24 Aerospace & Defense $96,114 Chicago, IL3 Archer Daniels Midland 41 Food Production $67,702 Chicago, IL
■ 4 Caterpillar (1) 59 Construction & Farm Machinery $47,011 Deerfield,IL5 United Continental 80 Airlines $37,864 Chicago, IL
■ 6 Allstate 81 Insurance $35,653 Northbrook, IL■ 7 Mondelez International 94 Food Consumer Products $29,636 Deerfield, IL
8 Exelon 95 Utilities: Gas and Electric $29,447 Chicago, IL9 McDonald's (2) 109 Food Services $25,413 Oak Brook, IL10 Sears 111 General Merchandisers $25,146 Hoffman Estates,IL11 US Foods Holding 122 Wholesalers: Food & Grocery $23,128 Rosemont, IL
■ 12 AbbVie 123 Pharmaceuticals $22,859 North Chicago, IL■ 13 Abbott Laboratories 138 Medical Products & Equip. $20,661 Abbott Park, IL■ 14 Illinois Tool Works 211 Industry Machinery $13,405 Glenview, IL
■ 15 CDW 220 Information Tech. Services $12,989 Lincolnshire, IL16 R.R. Donnelley & Sons 255 Publishing, Printing $11,257 Chicago, IL
17 Navistar International 281 Motor Vehicles and Parts $10,140 Lisle,IL■ 18 Discover Financial Services 283 Commercial Banking $10,002 Riverwoods, IL■ 19 W.W. Grainger 285 Diversified Wholesalers $9,973 Lake Forest, IL■ 20 Baxter International 286 Medical Products & Equip. $9,968 Deerfield, IL
21 Univar 315 Miscellaneous $8,982 Downers Grove, IL■ 22 Tenneco 334 Motor Vehicles and Parts $8,209 Lake Forest, IL
23 LKQ 369 Diversified Wholesalers $7,193 Chicago, IL24 Dover 377 Industrial Machinery $7,029 Downers Grove, IL
■ 25 Anixter International 391 Diversified Wholesalers $6,596 Glenview, IL■ 26 Baxalta 420 Pharmaceuticals $6,149 Bannockburn, IL
27 Jones Lang LaSalle 436 Real Estate $5,966 Chicago, IL28 Old Republic International 442 Insurance $5,766 Chicago, IL
■ 29 Packaging Corp of America 446 Packaging, Containers $5,742 Lake Forest, IL30 Motorola Solutions 451 Network & Commun. Equip. $5,695 Chicago, IL
31 Ingredion 456 Food Production $5,621 Westchester, IL
32 Arthur J Gallagher 471 Diversified Financials $5,392 Itasca, IL■ 33 Essendant 477 Wholesalers: Elect. & Off. Equip. $5,363 Deerfield, IL
34 Telephone & Data Systems 496 Telecommunications $5,176 Chicago, IL
Source: Fortune (2016) Suburban-based Headquarters ■ North Suburban-based Headquarters(1) Caterpillar will relocate to Deerfield in 2018(2) McDonald’s will relocate to downtown Chicago in 2018
CORPORATE HEADQUARTERS
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ONE PARKWAY NORTH
Te n a n t s w a n t t o b e i n P a r kw a y N o r t h C e n t e r
This multi-building, master-planned, TOBY award-winning office campus features six office buildings consisting of
over 1 million square feet which is fully stabilized and over 94% leased, and has earned the reputation of attracting
large, corporate tenants. Several institutional and prominent investors have invested in the Parkway North campus
including GE, Griffin Capital, Blackstone, Wells Real Estate Funds, CBRE Global Investors, and Carr America.
TENANCY
+ Essendant, a Fortune 500 company and the leading national wholesale distributor of essential work place
items, anchors One Parkway in 198,730 square feet.
+ CF Industries is headquartered in the park with approximately 190,000 RSF in Three and Four Parkway
North, having recently expanded and extended their lease for 10 years.
+ To accommodate CF Industries’ expansion, Lundbeck relocated from Four Parkway to approximately 50,000
RSF at Six Parkway in a 10 year lease.
+ Mondelez International, another Fortune 500 company which recently split from Kraft Foods in 2011, is also
headquartered in the park at Three Parkway North in 50,000 square feet.
+ PRA Health Sciences, a spin off of Takeda Pharmaceuticals will soon occupy 50,000 RSF in Three Parkway,
fully stabilizing the building.
+ Walgreens also leases space within the office park for its Walgreens University, in 40,000 square feet in Six
Parkway North.
+ Other major tenants in the park include GCG Financial and Meridian Group.
AMENITIESOne Parkway North’s central location within this office park allows its tenants to benefit from the breadth of amenities
that Parkway North Center has to offer.
+ A full-service Marriott Suites Hotel with 248 hotel suites and 14 meeting rooms, including conference facilities
for tenant-use, and a white-tablecloth restaurant, is located adjacent to One Parkway
+ Five Parkway North, on the west side of the campus, features a LifeStart fitness center and athletic club, along
with a 20,000 RSF Bright Horizons daycare center.
+ The campus features picturesque landscaping with a centralized pond, miles of jogging/walking trails, three
Pace bus stops, a Starbucks kiosk, ATM and three on-site dining options.
+ Woodview Apartments at Fifteen Parkway North, recently purchased by LaSalle Investment Management,
is a luxury apartment community completed in 2015, offering further assurance that the park will remain one
of the premier mixed-use campus destinations in Chicago.
Deerfield Road
Deerfield Road
Saunders RoadSaunders Road
Haw
thor
ne L
ane
Haw
thor
ne L
ane
Deerfield Park District Golf Course
Deerfield Park District Golf Course
10 ParkwayNorth
10 ParkwayNorth
9 ParkwayNorth
9 ParkwayNorth3 Parkway
North3 Parkway
North
4 ParkwayNorth
4 ParkwayNorth
6 ParkwayNorth
6 ParkwayNorth
27 Miles to Chicago CBD
(94/294 Interchange)27 Miles to Chicago CBD
(94/294 Interchange)
Deerfield Road
Deerfield Road
Woodview Apartments at Fifteen
Parkway North
Woodview Apartments at Fifteen
Parkway North
Baxter HealthcareCorporation
Baxter HealthcareCorporation
2 WayInterchange
5 ParkwayNorth
5 ParkwayNorth
ONE PARKWAY NORTH
7 ParkwayNorth
7 ParkwayNorth
12
ONE PARKWAY NORTH
Deerfield Road
94
94
Parkway North
Parkway North
Saun
ders
Roa
d
Hawthorne LaneDeerrun Drive
ONE PARKWAY
NORTH
Pace Bus Stop
Pace Bus Stop
Pace Bus Stop
10 ParkwayNorth
10 ParkwayNorth9 Parkway
North9 Parkway
North
3 ParkwayNorth
3 ParkwayNorth
4 ParkwayNorth
4 ParkwayNorth
6 ParkwayNorth
6 ParkwayNorth
Woodview Apartments at Fifteen Parkway North
Woodview Apartments at Fifteen Parkway North
5 ParkwayNorth
5 ParkwayNorth
Wintergarden Cafe
Wintergarden Cafe
Meritage Restaurant and Bar
Meritage Restaurant and Bar
Takeda Headquarters,Baxter Healthcare Headquarters, Discover Financial Headquarters
Takeda Headquarters,Baxter Healthcare Headquarters, Discover Financial Headquarters
Walgreens Headquarters
Walgreens Headquarters
CF IndustriesCF Industries Mondelez, GCG Financial
Mondelez, GCG Financial
WalgreeensLundbeck
WalgreeensLundbeck
Meridian GroupAerotek
Meridian GroupAerotek
MarkelMarkel
2 WayInterchange
7 ParkwayNorth
7 ParkwayNorth
S i t e P l a n
13
©2017 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
Contact InformationHFF Chicago181 West Madison | Suite 3900Chicago, IL 60602Telephone: 312.528.3650Fax: 312.528.3651
Investment ContactsMark B. KatzSenior Managing [email protected]
Bryan D. RosenbergAssociate [email protected]
Patrick M. ShieldsAssociate [email protected]
Jeffrey M. BramsonSenior Managing Director/Managing [email protected]
Jaime M. FinkSenior Managing [email protected]
Yoonjin ChooReal Estate [email protected]
Debt ContactChristopher S. CarrollManaging [email protected]
Leasing Contacts
Jonathon ConnorVice President – Colliers [email protected]
Steve KlingPrincipal – Colliers [email protected]