Occupancy at the office building at Madison and Franklin streets was most recently 75%, with available space being marketed by CB Richard Ellis at $19 per sf on a net-lease basis. Recent upgrades to the West Loop property include a new lobby, facade work and conference center.
The 26-story building was bought by McMorgan Institutional Real Estate Fund I, an open-ended real estate pooled fund with more than $580 million in assets. Based in San Francisco, McMorgan Funds is the largest specialized investment manager of multi-employer benefit plans in the US.
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