Tryperion Holdings Pays $59 Million for Mid America Plaza Office Complex Near Chicago

OAKBROOK TERRACE, Ill. — Beverly Hills, California-based Tryperion Partners has completed a $59 million acquisition of Mid America Plaza, a two-building office complex in Oakbrook Terrace, Illinois, according to DuPage County property records. The purchase price represents a roughly 24% discount to the $78 million that seller Equus Capital Partners paid for the property in 2016.

Deal Terms and Financing

The transaction was financed with a $36.6 million loan from Continental Casualty Company, a subsidiary of Chicago-based CNA Financial, according to property records. The debt represents approximately 62% of the $59 million purchase price.

The more than 413,000-square-foot complex, located across from one of the area's largest regional shopping malls, was 87% leased at the time it was brought to market, with a weighted average lease term of 6.5 years. At roughly $143 per square foot, the transaction price was well below what it would cost to build a comparable property today, according to marketing materials from JLL, which represented the seller.

Newtown Square, Pennsylvania-based Equus had invested $17.7 million upgrading the lobby, common areas, and building infrastructure during its ownership. Tenants including Graycor Services, BCS Financial, Crowe, and Mike Ditka's Restaurant all renewed leases between 2021 and 2025, according to JLL.

JLL brokers Patrick Shields, Sam DiFrancesca, Jaime Fink, and Bruce Miller represented the seller in the transaction.

Tryperion's Contrarian Office Strategy

Jeffrey Karsh, founder and managing partner of Tryperion, described the acquisition as consistent with the firm's approach to office investment. "Tryperion has established itself as a contrarian investor, unafraid to buy unloved assets at bargain prices," Karsh said in an emailed statement to CoStar News. "Mid America Plaza fits this mold as, pricing-wise, it was hampered by the stigma of the office sector in general. But fundamentally, this property has proven its ability to maintain stable occupancy and attract strong tenancy in the face of challenging conditions."

Karsh added that the firm's entry basis — "well below replacement cost and that of the prior owner" — creates what he called "compelling long-term value." He said Tryperion plans to drive occupancy higher and reinforce the property's standing as a suburban Chicago office asset.

Fund IV Backers and Sub-Institutional Focus

The Mid America Plaza acquisition follows Tryperion's announcement that it raised $163 million for Tryperion RE Fund IV, which is focused on "sub-institutional" investments — deals that are typically too small or specialized to attract major institutional capital. CoStar News previously reported that Tryperion was bidding on office properties in gateway markets while also targeting other property types with the fund.

Tryperion said Fund IV secured capital commitments from family offices of several prominent investors, including Howard Marks, co-chairman of Oaktree Capital Management; Tony Ressler, co-founder of Apollo Global Management and owner of the NBA's Atlanta Hawks; Ken Moelis, CEO of Moelis & Co.; and Andrew and Peggy Cherng, founders of Panda Express. The firm also said an unnamed top-20 university endowment in the Southeast committed to the fund.

Neil Gallagher, vice president of leasing and marketing at Equus, said in an emailed statement that the firm had "made significant investments in improving the building's infrastructure and amenity base" since acquiring the property in 2016. "As our investment horizon has run its full 10-year course, we know that we leave our tenants in the fine care of Tryperion Holdings," Gallagher said.

Equus Continues Marketing Naperville Office Asset

Following the Oakbrook Terrace sale, Equus Capital Partners continues to seek a buyer for a separate suburban Chicago office property — the Helmut Jahn-designed MetroWest office building in Naperville, Illinois. Newmark brokers were hired to find a buyer for that property in October, according to the source reporting.

Sources

Tryperion Holdings — California private equity firm buys office complex near Chicago (June 8, 2026)