Wells REIT adds Gallagher Centre

High-profile tenants occupy space

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Wells Real Estate Investment Trust Inc. acquired the Gallagher Centre, a 27-story office tower in Itasca, Ill., for an undisclosed price. The 487,000-square-foot, class A building is the corporate headquarters of Arthur J. Gallagher & Co., one of the world's largest insurance brokers. A joint venture between Gallagher and Hamilton Partners sold the property, which was built in 1991. It is located in the North DuPage submarket, near Interstate 290 and convenient to the regional Woodfield Mall and O'Hare International Airport. Gallagher, which occupies more than 60 percent of the building, has extended its lease to 2018. Other tenants include Sun Microsystems. The property is the 15th building owned by Wells Real Estate Funds in the Chicagoland area. ...