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Behringer Enters Chicago With $278M Buy

CHICAGO-Marking the company's first Windy City investment, Behringer Harvard REIT I purchases 222 S. Riverside Plaza and the adjacent three-story Union Station Multiplex for $277.5 million.

By Dana Dubriwny | Updated on June 05, 2006

CHICAGO-Behringer Harvard REIT I has purchased the 35-story 222 S. Riverside Plaza as well as the adjacent three-story Union Station Multiplex at 444 W. Jackson Blvd. from Beacon Capital Strategic Partners III, LP. The purchase, which rings in at $277.5 million, is the fund’s first Chicago-area investment.

“We have absolutely known that Chicago was a city with a strong economic underpinning,” Jason Mattox, executive vice president with Behringer, tells GlobeSt.com. “Chicago was a city where we wanted an asset that would make an impact, and this was the right entrance for us into that market.”

Mattox says the acquisition had “the right recipe for a long-term hold.” Most importantly, he says, was the building’s “strong” tenant base. Occupants in the 1.1-million-sf office building include Metropolitan Chicago Healthcare Council, which recently signed an early renewal for its 35,000 sf, Deutsche Bank, Fifth Third Bank and Trading Technologies.

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