United Airlines Acquires Arlington Heights Office Building For $28M

United Airlines has acquired Northwest Crossings, a suburban Chicago office building located at 1421 West Shure Drive, Arlington Heights. The office building spans 205,000 square feet and was sold by Guardian Realty for a sale price of $28,000,000. The deal signifies United Airlines' decision to expand its office space, which contrasts the prevailing trend of downsizing. Guardian Realty had purchased the property in 2018 for approximately $41 million, but its value declined due to the departure of a major tenant, HSBC.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $28,000,000
• Square Footage: 205,000
• Price per Square Foot: $137
• Address: 1421 West Shure Drive, Arlington Heights
• Market: Arlington Heights

In this transaction, United Airlines served as the buyer, while Guardian Realty, represented by Chaim Simkowitz, acted as the seller. Despite the challenges faced by Guardian Realty, United Airlines saw the potential in Northwest Crossings and made the strategic decision to acquire the property. This acquisition allows United Airlines to expand its presence in the suburban Chicago office market and potentially capitalize on future opportunities.