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Still More Downtown Office Buildings Trade Hands

CHICAGO-In the last days of October, two more office buildings in Downtown Chicago traded hands, one to a West Coast investor not previously in the Chicago market, the other to a local investor not previously in the Downtown market.

By Dees Stribling | Updated on October 28, 2002

CHICAGO-The days are quite cool in Chicago this fall, but the market for office buildings in Downtown Chicago remains hot, with two more office buildings trading hands in the final days of October, to add to a growing list of sales in 2002. Besides their downtown location, however, this pair of buildings are dissimilar: one is mid-sized and newly built, while the other is smaller and dates from the 1920s.

In the larger of the two deals, Triple Net Properties has agreed to buy the 525,000-sf 525 W. Van Buren building, also known as the Congress Center, for a reported $133 million. California-based Triple Net, which has not previously been active in the Chicago market, specializes in raising money from individual investors to buy smaller and mid-sized properties, mainly office and retail. The firm has the unusual distinction of being employee-owned.

Currently the Congress Center, which was completed last year in the active West Loop submarket, is about 90% leased, with North American Company for Life and Health Insurance taking about 18% of the building, which serves as its headquarters. Other notable tenants include Amtrak, Employers Reinsurance Corp., and the U.S. Secret Service. The building was developed by a joint venture of Chicago-based Development Resources Inc. and Los Angeles-based Oaktree Capital Management; CB Richard Ellis represented the partnership in the transaction.

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