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European Investors Claim One O'Hare Centre for $76M

ROSEMONT, IL-Prentiss Properties Trust's exit from the Chicago market continues with the sale of the 379,685-sf granite and steel building at 6250 N. River Rd. for a reported $76 million.

By Mark Ruda | Updated on January 05, 2006

ROSEMONT, IL-One O’Hare Centre has gone to Munich-based GLL Real Estate Partners GmbH, one more piece of Dallas-based Prentiss Properties Trust’s local portfolio that was on the market, for a reported $76 million. The 379,685-sf, 12-story granite and steel building at 6250 N. River Rd. was the REIT’s largest holding in the market outside of the 540,000-sf 123 N. Wacker Dr., which commanded a $170.1-million price last year.

Prentiss Properties Trust paid $65 million for One O’Hare Centre in 1998, financing the purchase with a mortgage at 6.8% from New York Life Insurance Co. The balance on the mortgage, which comes due in five years, was most recently $38.6 million.

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