A joint venture between Lowe Enterprises and GE Commercial Finance Real Estate purchased the 350,559-square-foot Old Orchard Towers office complex in the northern Chicago suburb of Skokie, Ill. The value of the transaction was not disclosed. This marks the first transaction by the Lowe/GE Commercial Finance Real Estate joint venture, which will look to acquire up to $250 million of suburban office properties nationally. Old Orchard Towers is a three-building complex comprised of two seven-story office towers and a smaller, connecting "concourse" building set on almost seven acres. The acquisition also includes an adjacent, vacant 2.5-acre parcel that may be considered for future expansion. Lowe will invest approximately $8.1 million to renovate and upgrade the campus. An improvement ...
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