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McMorgan Takes Keys to 303 W. Madison

CHICAGO-The pension fund affiliate of New York Life Investment Management pays a reported $63 million for the 26-story office building at Madison and Franklin streets, $16 million more than its 2000 sales price.

By Mark Ruda | Updated on January 07, 2005

CHICAGO-New York Life Investment Management affiliate McMorgan & Co. LLC has paid a reported $63 million for 303 W. Madison St. Property records indicate the 310,880-sf asset built in 1988 was bought by a partnership in 2000 for $46.6 million.

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.

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