One & Two Conway, Lake Forest IL
Scenario
As part of a continued commitment to a value-add investing in the US office sector, EastAlliance was approached by Pembroke IV to co-invest in the acquisition of the highly visible Class A Two Conway asset as part of a unique merger strategy with the neighboring One Conway building, creating a world-class two building office campus within one of Chicago's premiere office parks. The acquisition represented an opportunity to invest in the assets at a sharply discounted basis and provide the capital required to execute on our partner's aggressive value-add repositioning strategy.
Given its location the affluent Lake Forest market; its excellent access and visibility relative to its competitive set; its price relative to replacement cost (and substantial discounts to previous Two Conway valuations); an attractive debt structure; and the Sponsor’s strong experience in the market and sector, EastAlliance pursued this opportunity alongside a consortium of sophisticated international and domestic real estate investors.
Asset
With a combined campus net area of approximately 225,354 SF, the institutional quality campus provides the market with a wide range of high-profile options. One Conway is a three (3) story Class A office building totaling 105,000 SF able to accommodate both large and small users while Two Conway is a 120,354 SF, three (3) story institutionally owned and managed Class A office building originally built in 1998 and renovated in 2018. Both buildings are configured into symmetric and open floor plates that are easily divisible to accommodate future changes in tenancy. Once the combined campus and the shared amenities program is in place, this Class A asset will continue to attract a diverse roster of tenants attracted to the strong workforce demographics and high quality of life offerings in the surrounding area.
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