Search
 

Lend Lease Acquires 225 W. Washington

CHICAGO-The 28-story, 497,500-sf West Loop office building is bought by Lend Lease Real Estate Investments, Inc. and a local partner on behalf of an institutional investor. Another offer for $90 million reportedly fell through.

By Mark Ruda | Updated on August 28, 2001

CHICAGO-New York-based Lend Lease Real Estate Investments, Inc. has bought the 497,500-sf office building at 225 W. Washington St. in a 50-50 joint venture with an unidentified local partner on behalf of an institutional investor. Although the purchase price was not disclosed, locally-based REIT Equity Office Properties Trust reportedly backed out of a deal earlier this year for $90 million, or $181 per sf.

John Schoser, a principal in Lend Lease’s local office, says the joint venture paid “below replacement cost” for the class A office building, which has a tenant roster that includes Jenkins & Gilchrist, Citadel L.P. and The Marmon Group.

Location also was a factor. Besides a West Loop address, the 28-story building is a block from an Chicago Transit Authority elevated stop as well as within walking distance of Metra’s two major commuter rail terminals.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.