M&J Announces Sale of 701 East 22nd

M & J Wilkow Announces Sale of Suburban Chicago Office Complex 

M & J Wilkow announced the sale of 701 East 22nd Street, an office complex located in Lombard, Illinois. The 174,098 square foot property was sold to a joint venture of Red Rock and Lincoln Property Company.

M & J Wilkow acquired the office complex in September 2014 with a fund managed by DRA Advisors.  At the time of acquisition, the property was 81% leased.  Subsequently, M & J Wilkow leased the property and at the time of sale, it was 97% occupied.  The Company implemented an extensive asset improvement program, upgrading the lobby atrium and modernizing the corridors and fitness center to improve the overall building and amenity package.  Additional improvements included upgrades to the HVAC systems, parking deck and roofs.   

"The sale of 701 East 22nd Street and the value realized through this transaction exemplifies the successful completion of our strategic plan, which was to achieve lease-up by improving the building’s amenities in order to create a best-in-class office complex” said John Wiechart, Senior Vice President of Acquisitions and Asset Management at M & J Wilkow.