CHICAGO– HFF announced today that it has closed the sale of and arranged financing for Two Century Centre, a 221,177-square-foot, Class A office property in Schaumburg, Illinois, a northeastern suburb of Chicago. Centennial Center, a 266,884square-foot, Class A office building adjacent to Two Century Centre was also included in the financing portion of the transaction.
HFF marketed Two Century Centre on behalf of Pearlmark Real Estate Partners, LLC. Sovereign Partners, LLC purchased the asset free and clear of existing debt. HFF also brokered the sale of the adjacent One Century Centre in a separate transaction. Additionally, HFF worked on behalf of the buyer, to secure a $27 million, floating-rate acquisition loan for both Two Century Centre and Centennial Center through RBS Citizens Bank.
The buildings are located at 1700 and 1900 Golf Road on approximately 20.6 acres adjacent to the junction of Interstates 90 and 290, approximately 25 miles northwest of Chicago’s central business district. Renovated in 2004, Two Century Centre is 88.6 occupied by tenants such as Colgate-Palmolive, American Auto Guardian and Benefits Express. Centennial Center was renovated most recently in 2012 and is leased to tenants such as United Healthcare, Crawford & Co. and MetLife.
HFF’s investment sales team was led by senior managing directors Jeff Bramson and Jaime Fink and managing director Mark Katz.
The HFF debt placement team representing the borrower was led by managing directors Matthew Schoenfeldt and Christopher Carroll and senior managing director Mike Kavanau.
Chicago-based Pearlmark Real Estate Partners is a private equity real estate investment firm that pursues domestic, value-added strategies through a series of institutional investment vehicles. Since its inception in 1996, the firm has made more than 500 office, industrial, retail, multifamily, and mezzanine loan investments nationwide, representing a gross investment of more than $12 billion. Pearlmark and its partners, including insurance companies, public and private pension funds, foundations and endowments, banks, corporations, and high net worth individuals and families, have committed nearly $4 billion of equity capital to the firm’s investment activities. The company currently employs approximately 40 professionals and is headquartered in Chicago with offices in Denver and New York City. For more information, please visit www.pearlmarkrealestate.com.
Sovereign Partners, LLC is a privately-held real estate investment organization that specializes in the acquisition of quality assets throughout the United States. Sovereign’s real estate team draws on a deep knowledge of real estate fundamentals and capital markets to acquire properties throughout the country. With interests in more than six million square feet of property, Sovereign Partners has demonstrated its ability to identify and finance promising opportunities.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.