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Office Building Sales Highlight Brisk Chicago Investment Market

CHICAGO-This week word came of two major office properties trading hands in the Downtown Chicago market, the latest in a string of similar acquisitions. German money seems to be one of the driving factors.

By Dees Stribling | Updated on October 04, 2002

CHICAGO-Word broke in the first week of October of two large office buildings trading hands in Downtown Chicago, the latest in a string of such deals. Though unconfirmed as yet, the prospective deals did not take observers of the market by surprise. The appetite of big money for Chicago CBD office properties seems to be defying an economy otherwise marked by malaise.

One sale is 55 E. Jackson, a 440,000-sf building currently owned by CNA Financial Corp., an insurer that has recently reduced its staff. The property consists of a north tower and a south tower; CNA will sell the nearly empty north tower to Chicago-based Marc Realty for a reported $19 million, or about $43 per sf.

A much larger sale involves the new Quaker Oats building, 555 W. Monroe, a West Loop property owned by the Fifield Cos. and CB Richard Ellis Investors Strategic Partners, neither of whom could be contacted for this story. The price for this 420,000-sf property was reportedly $99 million, or $235 per sf; the buyer, Prudential Financial.

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