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Vornado Sells 33 N. Dearborn for $46M

CHICAGO-A joint venture between Barrington-based Fulcrum Asset Advisors and Diversified Real Estate Capital pay $134 per sf for the 24-story building, which sits across Washington Street from the "Block 37"/108 N. State St. development site.

By Mark Ruda | Updated on April 09, 2006

CHICAGO-A joint venture that includes Barrington-based Fulcrum Asset Advisors, one of the more voracious office building buyers in the city and suburbs, has picked up the 343,000-sf 33 N. Dearborn St. from Vornado Realty Trust for $46 million. The Paramus, NJ-based REIT paid $35.4 million for the 24-story building across Washington Street from the “Block 37″/108 N. State St. development site, according to property records.

Fulcrum’s joint venture partner is Diversified Real Estate Capital. The buying entity used a $42.6-million mortgage from First American Bank, according to property records. The new owners plan to install a sprinkler system, renovate restrooms as well as upgrade the lobby and corridors. Fulcrum Development has hired Lincoln Property Co. to lease and manage the building, which was 93% leased when it was sold.

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