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True North Investments Acquires 53,200 SF Office Building in Downers Grove, Illinois

True North Investments, a Chicago based real estate acquisition and development company, announced that it has acquired a 53,200 sf office building at 2211 Butterfield Road in Downers Grove, Illinois for consideration of $9 Million. The two principals, Carl Manofsky and Tim Luby, indicated that this is their first acquisition of an office facility in the Chicago market, and creating a unique opportunity for them to acquire a first class office building in one of the metropolitan premier locations. Bill Novelli, David Lind and Mark Hellwig with C.B. Richard Ellis, Oak Brook office were the brokers in the transaction. This two-story office building was built in 1996 and currently has two tenants, Wells Fargo Mortgage and Encore Capital Corporation. Encore Capital was recently acquired by Bear Stearns. The property is located just west of the full interchange of I-355 and Butterfield Road. The facility was a former call center and has heavy communication infrastructure, including UPS service, 2000 amps electrical, and a back up generator. Mr. Luby indicated that one of the reasons for the purchase of this excellent facility was that it was located on a large landsite that can accommodate a future construction of another 36,000 sf office building. Mr. Luby said "as True North Investment grows, we envision erecting a compatible office building that will house True North Investments' various divisions with an excellent location to expressways, restaurants, shopping, and a large and accessible population." This facility is located in the very high profile Woodcreek Business Park, adjacent to the Esplanade and Double Tree Hotel. We feel we made an excellent acquisition and plan to build a very aesthetically pleasing building on the adjacent land parcel that will house our new corporate offices. The plan is to construct an office condominium, with units from 2,600 to 12,000 square feet.

Press Release ­ Downers Grove ­ 2211 Butterfield Rd.


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