Tony Chereso Of Inland Real Estate Group Signs 16.5-Year Lease From Landlord Marvin Herb In Downers Grove

The property asset involved in this transaction is an office space located at 3050 Highland Parkway in Downers Grove. The asset comprises 140,000 square feet and is currently undergoing renovations. The landlord of the property is a venture led by Marvin Herb, a billionaire investor, who is enhancing the office tower's appeal.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Not disclosed
• Lease Term: 16.5 years
• Landlord: Marvin Herb
• Tenant: Tony Chereso - Inland Real Estate Group
• Previous Tenant Location: 2901–2907 Butterfield Road, Oak Brook
• New Tenant Location: 3050 Highland Parkway, Downers Grove
• Planned Developments: GTZ Properties is under contract to purchase Inland’s 27-acre Oak Brook campus for retail redevelopment anchored by Amazon and Ashley Furniture.

The key individuals in this transaction include Tony Chereso, CEO of Inland Real Estate Group, who has facilitated the relocation of the company to the new premises. This move situates Inland Real Estate Group in a renovated office environment at 3050 Highland Parkway, which is part of a broader redevelopment strategy by the landlord and associated parties.