International real estate company Hines announced that its U.S. Office Value Added Fund has purchased a two-building, class A office complex known as Westwood of Lisle in Lisle, Ill.
The value of the transaction was not disclosed.
Westwood of Lisle I is a six-story, 148,063-square-foot office building, which was completed in 1991. It was 92 percent leased at the time of sale. Westwood of Lisle II is a six-story, 148,423-square-foot office building, which was completed in 1997. It was 42 percent leased at the time of sale. Designed by DeStefano & Partners, the granite-clad buildings are situated on a 13-acre, landscaped site.
Metropolitan Life Insurance Co. was the seller.
Hines will assume management responsibilities and oversee leasing for the buildings, which are located 25 miles west of downtown Chicago on Warrenville Road.
The Hines U.S. Office Value Added Fund was formed in December 2003 to acquire office properties in central business districts and suburban markets. Hines is a privately owned real estate company involved in developing, acquiring, leasing and managing real estate.
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