Newmark is pleased to announce that the firm has been appointed as the leasing agent and property manager of 544 Lakeview Parkway in Vernon Hills, Illinois. Newmark was hired by 544 Lakeview LLC, a joint venture of Ravinia Capital Group and other private investors, that recently acquired the property.
544 Lakeview is a 139,324-square-foot, Class A, three-story office building located in the affluent northern Chicago suburb of Vernon Hills. The property is situated within Continental Executive Office Park, less than a mile south of the intersection of Milwaukee Avenue and Route 60 (Townline Road). Ravinia has plans to complete capital improvements to the property including lobby renovations, upgrading the bathrooms, common areas and patio.
Newmark Senior Managing Directors Rob Lundin and Michael Adams will lead the 544 Lakeview leasing team while Regional Director of Management Services Samuel Delisi will head the management assignment.
“We are thrilled to be working with Ravinia on this project,” said Lundin. “Tenants will benefit from having an experienced ownership group committed to capital improvements, as well as the property’s advantageous location and the area’s myriad of amenities and access to several highways.”
Ravinia’s attraction to 544 Lakeview included the building’s location, parking, and amenities, which are very difficult to replicate within the Vernon Hills submarket. Unique for its size, the building features a parking ratio of approximately five cars per 1,000 square feet, a state-of-the-art fitness center with oversized showers and a full-service café (with an industrial grade kitchen). There is also an outdoor seating area overlooking the building’s man-made lake along with 400 acres of walking/running paths accessible from the property.
The property was sold 70 percent leased, with an attractive group of corporate tenants occupying 60 percent of the building. Negotiations are also underway, with a tenant expected to occupy approximately 3.2 percent of new space by the fourth quarter of 2018.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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