Pedersen & Houpt Attorneys Complete $31M Sale of Building in Naperville
Pedersen & Houpt represented a partnership in its acquisition, renovation and recent sale of a vacant four-story 330,000-square-foot office building located in Naperville, Illinois. The partnership, comprising suburban developers, William Krug and Daniel Murphy, and equity investor, Wanxiang, purchased the property a year ago for approximately $9,000,000 from a lender which had acquired the property pursuant to a deed in lieu of foreclosure. Subsequently, the partnership substantially renovated the property and sold it to BMO Harris Bank, which paid just under $31 million for the property and intends to make it a technology and operations hub for the bank where at least 1,000 bank employees will be based. Pedersen & Houpt attorneys, Michael Sullivan, Eric Kordish and Richard Hoopis, handled the acquisition, partnership formation, construction contracts and sale of the property. For the full Crain's Chicago Business article about the sale transaction, please download the file below.