GE, Lincoln Buy Two Office Sites for $114M

SCHAUMBURG, IL-A joint venture of Dallas-based Lincoln Property Co. and an affiliate of General Electric Pension Trust advised by GE Asset Management acquired the 425 Martingale Rd. and 475 Martingale Rd. from J.P. Morgan Chase & Co., based in New York City. The sales price was approximately $114 million, sources say.

The two-building property has a total of 700,000 sf of office space in the Woodfield Corporate Center, according to a press release from GE Asset Management. Representatives from GE Asset Management were not available for comment.

The buildings were constructed in 1986 and are located near Interstate 290 and the Woodfield Mall shopping center, here. Lincoln Property will manage the property and CB Richard Ellis will be the leasing agent, according to the released statement. “These are excellent buildings that we have pursued for years because they have the combination of the best access, location, quality and amenities of any office project in the Schaumburg market,” Lincoln EVP John Grissim said in a released statement.

The property is 80% leased with tenants including Navistar and Pfizer Inc., sources say. Pfizer expanded to 60,000 sf at 425 Martingale Road in 2003, as previously reported by GlobeSt.com. Lease rates were not disclosed. Asking lease rates for Class A office space in the Northwest submarket is $24.91 per sf, according to a Grubb & Ellis third quarter market report.