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Opal Holdings' former Deerfield office campus goes up for bid
The 697,000-square-foot Corporate 500 campus is 72% leased, with bids due Sept. 10.
A 697,000-square-foot suburban Chicago office campus in Deerfield, Corporate 500 at 500 to 540 Lake Cook Road, is being marketed for sale, with bids due Sept. 10, according to Bisnow. Hilco Real Estate and First Financial Network are seeking offers for the leasehold interest in the four-building property.
The campus is about 72% leased to more than 37 tenants spanning healthcare, financial services, life sciences, insurance, and professional services. Several long-term tenants have lease commitments extending into the next decade, and the weighted average lease term is approximately 5.9 years.
Bisnow reports that Corporate 500 has had a volatile ownership history. Opal Holdings, led by investor Shaya Prager, bought the property for $178.2 million in November 2021, borrowing $104 million from Unify Financial Credit Union and entering into a 99-year ground lease, but Opal allegedly defaulted in 2023, leading to a $130 million judgment and a foreclosure outcome at a sheriff’s sale in November.
In April, the campus added Vantive, an offshoot of Baxter International, as the site of its new U.S. headquarters at 510 Lake Cook Road, where Vantive pledged a $23 million investment. Hilco is positioning the offering around potential value-add opportunities, citing nearly 200,000 square feet of available space, while noting surrounding Deerfield-area demographics and workforce access, Bisnow said.