National Buyer Reach Drives Stronger Pricing in $9M Chicago-Area Office Auction
RI Marketplace and Frontline Real Estate Partners brought new momentum to a challenging receiver-led disposition, attracting buyers from across the country and creating the competitive bidding needed to recover value for the seller.
Originally brought to market through a traditional sales process, Conway Park entered contract before the buyer retraded during due diligence, creating uncertainty around the transaction and final pricing. Rather than accept the reduced outcome, ownership and Frontline Real Estate Partners pivoted to auction format to create a competitive market for the 225,000+ square foot Class A office asset.
Located along the I-94 corridor in Lake Forest, the asset attracted interest driven by its visibility, established tenant base, and access to one of Chicago’s most affluent suburban office markets. Competitive bidding ultimately drove the transaction to a $9 million closing.
Through a combination of local market outreach by Frontline Real Estate Partners and targeted national marketing efforts from RI Marketplace the opportunity generated 117 signed confidentiality agreements, more than 8,700 listing views, and participation from 20 qualified bidders. Of the 117 parties that signed confidentiality agreements, 56% were based outside Illinois, spanning more than 20 states from California to Massachusetts. More than half of the bidders, 52%, also came from outside Illinois (FL, WI, CA, KS, OH, NE), including the eventual purchaser.
That broader exposure brought new buyers into the process and helped drive pricing well above reserve, recovering value for the seller. The outcome demonstrated how a structured auction process can restore momentum, expand participation, and create greater execution certainty for complex receiver-led dispositions.
The transaction builds on a relationship between Frontline Real Estate Partners and RI Marketplace spanning more than a decade, with the team continuing to use the auction process following a track record of successful outcomes together.
“We’ve worked with RI Marketplace for more than a decade and continue to come back because of the results we’ve been able to achieve together. On Conway Park, the ability to cast a wider net brought both local and out-of-state buyers into the process and helped drive a strong outcome for the seller.”
— Matthew Tarshis, Managing Partner | Frontline Real Estate Partners