DRI purchased this property in 1996 for $6 million, far below replacement costs, in an effort to use our expertise to revitalize an under-valued real estate opportunity. The assessment of the existing building (330,000 RSF), the undeveloped acreage, and the proximity to Edens Expressway and Old Orchard Shopping Center presented us with an opportunity to create value. North Shore Health System, the anchor tenant, signed a 15-year extension in 2014, and the remaining rentable square footage is 90% occupied.
DRI continues to own Old Orchard Woods in partnership with OakTree Capital. We sold 10 acres of this property to Optima for $19 million in 2005, resulting in the high-rise residential development visible from the Edens.