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n Australian investor-led venture is seeking to sell a nearly fully leased office building near O'Hare International Airport. The 139,000-square-foot property at 1700 West Higgins Road in Des Plaines has an asking price of $14 million, or about $100 per square foot. CBRE's Blake Johnson, Kevin Kobe, and Michael Whisler are marketing the property, which is 91% leased and expected to yield a first-year return of over 11%. The sale would cover a $12.5 million mortgage secured by Revere Capital in 2022.

    The listing comes as the office market struggles with reduced demand due to remote work trends. However, properties around O'Hare have shown resilience. The building's largest tenant, Riddell, has a long-term lease for 31,000 square feet and is expected to generate $1.6 million in net operating income next year.

    The sale would be a rare example of a Chicago-area office building selling for more than its outstanding debt. According to MSCI Real Assets, the number of office buildings sold in the Chicago area during the first half of this year increased 39% compared to the same period last year, driven by investors seeking discounts on distressed properties.