{"id":34535,"date":"2022-10-26T09:49:27","date_gmt":"2022-10-26T06:49:27","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=34535"},"modified":"2022-10-26T09:49:27","modified_gmt":"2022-10-26T06:49:27","slug":"slate-office-buy-pfizer-leased-office","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/","title":{"rendered":"Slate Office REIT to Buy Pfizer-Leased Property in Lake Shore"},"content":{"rendered":"

Toronto-based real estate investment trust (REIT) Slate Office is under contract to pay roughly $20 million for an occupied office property in Chicago\u2019s North Shore suburb. The building at 275 North Field Drive encompasses 197,500 square feet of office space with access to I-94.<\/p>\n

Slate \u2014 which was founded in the early 2010s \u2014 first broke into the Chicago office market in 2018 with the acquisition of the 31-story office building at 20 S. Clark St. and the 23-story building at 120 S. LaSalle St. Currently, the company boasts a portfolio of 55 properties totaling 7.7 million square feet.<\/p>\n

At the time of the negotiations, 275 North Field Drive was occupied and owned by Pfizer. The pharmaceutical giant had moved into the premises following its $17 billion merger with Hospira in 2015. As part of the current deal, Pfizer agreed to a long-term lease for most of the Lake Shore property, which also includes another 65,000 square feet of space available for a potential tenant.<\/p>\n

Slate CEO, Steve Hodgson, said in a statement that the deal highlighted the REIT\u2019s \u201clong-term strategy of aligning its portfolio with the right credit tenants to provide both stable cash flow and yield to our unitholders.\u201d<\/p>\n

The transaction highlights a growing investor preference for long-term leases with mainly bio tech and life science companies. For instance, Slate Office\u2019s deal at Lake Shore was preceded by Montecito Medical Real Estate<\/a>\u2019s move in September.\u00a0The Tennessee-based company forked over roughly $30 million for an occupied office building at 5400 Pearl St. near O\u2019Hare International Airport. That building is anchored by ACL Laboratories (a subsidiary of Advocate Aurora Health Lab testing) though a 10-year lease agreement.<\/p>\n

Given the popularity of remote work and the still relatively high vacancy rates, some feel that multi-tenant office properties are increasingly risky. And, although Pfizer has not released a statement regarding its decision to sell 275 North Field Drive, the organization might be echoing an existing trend as many companies have sought to shed some of their office assets during the pandemic and then lease it back to free up cash on their balance sheets.<\/p>\n

Explore available listings and find the most sought-after office assets across all major U.S. markets with CommercialCafe.com!<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Jersey City offices<\/a><\/td>Los Angeles offices<\/a><\/td>Fort Lauderdale offices<\/a><\/td>\n<\/tr>\n
Houston offices<\/a><\/td>Chicago offices<\/a><\/td>Newark offices<\/a><\/td>\n<\/tr>\n
Dallas offices<\/a><\/td>San Francisco offices<\/a><\/td>New York City offices<\/a><\/td>\n<\/tr>\n
Austin offices<\/a><\/td>Seattle offices<\/a><\/td>Fort Worth offices<\/a><\/td>\n<\/tr>\n
Charlotte offices<\/a><\/td>Las Vegas offices<\/a><\/td>Oakland offices<\/a><\/td>\n<\/tr>\n
Boston offices<\/a><\/td>Denver offices<\/a><\/td>The Woodlands offices<\/a><\/td>\n<\/tr>\n
Atlanta offices<\/a><\/td>Washington, D.C. offices<\/a><\/td>Manhattan offices<\/a><\/td>\n<\/tr>\n
Miami offices<\/a><\/td>Arlington offices<\/a><\/td>Portland offices<\/a><\/td>\n<\/tr>\n
Irvine offices<\/a><\/td>Philadelphia offices<\/a><\/td>San Jose offices<\/a><\/td>\n<\/tr>\n
Phoenix offices<\/a><\/td>San Diego offices<\/a><\/td>San Antonio offices<\/a><\/td>\n<\/tr>\n
Brooklyn offices<\/a><\/td>Queens offices<\/a><\/td>Pittsburgh offices<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

At the time of the negotiations, 275 North Field Drive was occupied and owned by Pfizer. The pharmaceutical giant had moved into the premises following its $17 billion merger with Hospira in 2015. As part of the current deal, Pfizer agreed to a long-term lease for most of the Lake Shore property, which also includes another 65,000 square feet of space available for a potential tenant.<\/p>\n","protected":false},"author":56,"featured_media":34538,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-34535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nSlate Office to Buy Pfizer-Leased Office | CommercialCafe<\/title>\n<meta name=\"description\" content=\"Slate Office is under contract to pay roughly $20 million for an occupied office property in Chicago\u2019s North Shore suburb. The building at 275 North Field Drive\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Slate Office REIT to Buy Pfizer-Leased Property in Lake Shore\" \/>\n<meta property=\"og:description\" content=\"Slate Office is under contract to pay roughly $20 million for an occupied office property in Chicago\u2019s North Shore suburb. The building at 275 North Field Drive\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-26T06:49:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2022\/10\/Chicago-north-side.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"469\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Sabau\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Diana Sabau\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/\",\"name\":\"Slate Office to Buy Pfizer-Leased Office | CommercialCafe\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2022\/10\/Chicago-north-side.jpg\",\"datePublished\":\"2022-10-26T06:49:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241\"},\"description\":\"Slate Office is under contract to pay roughly $20 million for an occupied office property in Chicago\u2019s North Shore suburb. The building at 275 North Field Drive\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/#primaryimage\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2022\/10\/Chicago-north-side.jpg\",\"contentUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2022\/10\/Chicago-north-side.jpg\",\"width\":1200,\"height\":469},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialcafe.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Slate Office REIT to Buy Pfizer-Leased Property in Lake Shore\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#website\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/\",\"name\":\"CommercialCafe\",\"description\":\"Your Commercial Real Estate Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialcafe.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241\",\"name\":\"Diana Sabau\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93\",\"contentUrl\":\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93\",\"caption\":\"Diana Sabau\"},\"description\":\"Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.\",\"sameAs\":[\"diana.sabau@yardi.com\"],\"jobTitle\":\"Senior Content Writer, CRE News & Market Analysis\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/author\/diana-sabau\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Slate Office to Buy Pfizer-Leased Office | CommercialCafe","description":"Slate Office is under contract to pay roughly $20 million for an occupied office property in Chicago\u2019s North Shore suburb. The building at 275 North Field Drive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/","og_locale":"en_US","og_type":"article","og_title":"Slate Office REIT to Buy Pfizer-Leased Property in Lake Shore","og_description":"Slate Office is under contract to pay roughly $20 million for an occupied office property in Chicago\u2019s North Shore suburb. The building at 275 North Field Drive","og_url":"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/","og_site_name":"CommercialCafe","article_published_time":"2022-10-26T06:49:27+00:00","og_image":[{"width":1200,"height":469,"url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2022\/10\/Chicago-north-side.jpg","type":"image\/jpeg"}],"author":"Diana Sabau","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Diana Sabau","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/","url":"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/","name":"Slate Office to Buy Pfizer-Leased Office | CommercialCafe","isPartOf":{"@id":"https:\/\/www.commercialcafe.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2022\/10\/Chicago-north-side.jpg","datePublished":"2022-10-26T06:49:27+00:00","author":{"@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241"},"description":"Slate Office is under contract to pay roughly $20 million for an occupied office property in Chicago\u2019s North Shore suburb. The building at 275 North Field Drive","breadcrumb":{"@id":"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/#primaryimage","url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2022\/10\/Chicago-north-side.jpg","contentUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2022\/10\/Chicago-north-side.jpg","width":1200,"height":469},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialcafe.com\/blog\/slate-office-buy-pfizer-leased-office\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialcafe.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Slate Office REIT to Buy Pfizer-Leased Property in Lake Shore"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialcafe.com\/blog\/#website","url":"https:\/\/www.commercialcafe.com\/blog\/","name":"CommercialCafe","description":"Your Commercial Real Estate Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialcafe.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/8ed2c6db9854340d5ddeef532edde241","name":"Diana Sabau","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialcafe.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93","contentUrl":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2026\/04\/badge.png?w=93","caption":"Diana Sabau"},"description":"Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.","sameAs":["diana.sabau@yardi.com"],"jobTitle":"Senior Content Writer, CRE News & Market Analysis","url":"https:\/\/www.commercialcafe.com\/blog\/author\/diana-sabau\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2022\/10\/Chicago-north-side.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/34535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/comments?post=34535"}],"version-history":[{"count":3,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/34535\/revisions"}],"predecessor-version":[{"id":34540,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/posts\/34535\/revisions\/34540"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/media\/34538"}],"wp:attachment":[{"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/media?parent=34535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/categories?post=34535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialcafe.com\/blog\/wp-json\/wp\/v2\/tags?post=34535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}