A Texas real estate firm has picked up a vacant 31-acre former Aon office property in north suburban Lincolnshire for a staggering 96% less than it traded for in 2012.
In one of the most extreme examples of value decimation across the vacancy-plagued suburban office market, a venture of Fort Worth, Texas-based Woodcrest Capital earlier this month paid about $6.2 million for the 818,686-square-foot complex at 4 Overlook Point, according to Lake County property records. The property in the heart of the 330-acre Lincolnshire Corporate Center campus was the longtime home of insurance giant Aon, whose lease for the entire complex expired at the end of last year.
The seller, San Diego-based Realty Income, put the property up for sale last summer as an opportunity for someone to redevelop it into something else. Remote work's assault on office demand has sent suburban office vacancy soaring to record highs, and it figured a buyer might emerge with an idea of a new use.
Imagine that.
