Donald Shoemaker Acquires Oak Brook Office Property From Maury R. Tognarelli

The office property located at 1301 West 22nd Street in Oak Brook, Illinois, was sold in a transaction between Maury R. Tognarelli and Donald Shoemaker. The property, known as Oak Brook 22, spans 389,000 square feet and was acquired by Donald Shoemaker from Maury R. Tognarelli for $46,000,000, translating to a price per square foot of $118. The property was previously owned by Golub & Co. and Alcion Ventures before being purchased by Heitman.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $46,000,000
• Address: 1301 West 22nd Street
• Market: Oak Brook
• Buyer: Donald Shoemaker - Franklin Partners
• Seller: Maury R. Tognarelli - Heitman
• SF: 389,000
• PPSF: $118

Franklin Partners, represented by Donald Shoemaker, completed the acquisition of Oak Brook 22 from Maury R. Tognarelli, who was represented by Heitman. The deal saw a transfer of ownership at a price lower than the previous sale value the property had when Golub & Co. and Alcion Ventures were the owners. Heitman took possession of the property following Golub & Co. and Alcion Ventures' failed attempts to sell or refinance it, despite substantial investments made in renovations.