Forest City Realty Trust, Inc., sold the Illinois Science & Technology Park, a bioscience, pharmaceutical and nanotechnology office campus in Skokie, IL, to an affiliate of American Landmark Properties, a Skokie-based real estate investment group. The selling price was $77.0 million and the transaction is expected to generate net proceeds to Forest City of approximately $16 million.
"We're pleased to complete this sale, which continues the execution of our strategy to focus our portfolio on our major core markets," said David J. LaRue, Forest City president and chief executive officer.
The Illinois Science & Technology Park is a multi-building, life-science campus with approximately 533,000 square feet of existing office/lab space. Forest City acquired the park, which was previously a single-user pharmaceutical research campus, in 2005.