Experian marketing part of complex in wake of deal

By Todd J. Behme, Nov. 06, 2009

(Crain’s) — Experian PLC continues to look for a taker for a 107,000-square-foot office building in Schaumburg, several months after unloading a larger building next door in a nearly $26-million sale/leaseback deal.

Earlier this year, the credit reporting agency hired Jones Lang LaSalle Inc. to market a two-building property at 955 American Lane. In a sale/leaseback that closed in July, Experian sold a neighboring 189,000-square-foot building to New York-based U.S. Realty Advisors for $25.5 million.

Related story: Experian in deal to sell, lease back office building

The fact that the smaller building remains for sale could illustrate investors’ reluctance to buy largely vacant properties at a time when the amount of available office space in the suburban office market is high.

U.S. Realty, a low-profile firm that specializes in single-tenant properties, financed the purchase with a mortgage of $16.6 million from Connecticut-based TD Bank N.A., according to a copy of the loan agreement. The firm owns the building in a fund.

Experian has a 14-year lease for the larger building that includes rent increases, according to a source familiar with the transaction.

Experian also occupies part of the smaller building, but a company spokesman declines to say how much or whether the company plans to move out. The second and third floors of the smaller building, totaling about 71,400 square feet, are vacant, while the 38,000-square-foot first floor would be available in four months, according to real estate data provider CoStar Group Inc.