Riverwoods Corporate Center
- At-Risk Development
- Property Management
Purchase Date: July | 2005
Purchase Price: $10 million
Equity: $1.8 million
- Unique market offering catering to smaller occupancies in a location catering to large corporate headquarters
- Joint venture investment securing long-term preleasing
Irgens entered into a purchase agreement for a highly sought-after site located on Lake Cook Road in Riverwoods, Illinois. Irgens’ intention was to develop an innovative commercial office that would house the company’s Chicago office as well as other Class A office users. Irgens partnered with competing developer, Podolsky Northstar CORFAC International, who agreed to co-develop the building and locate their office headquarters. The result was a successful partnership where Irgens handled development administration, construction services and ongoing property management, while Podolsky focused on development administration and leasing.
Riverwoods Corporate Center is a Class A commercial office building in a high-traffic location, surrounded by other large corporate office centers. The product offers a unique opportunity catering to smaller real estate requirements that would otherwise locate in office parties further from the I-94 corridor.