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Apollo Purchases West Loop Building for $73M

CHICAGO-A 470,000-sf office building in the West Loop sells to Apollo for nearly $30 million more than the current owner paid in 2003.

By Gina Kenny | Updated on January 24, 2007

CHICAGO-The 470,000-sf building at 200 W. Jackson Blvd., in the West Loop, has been sold for $73 million to Apollo Real Estate Advisors, headquartered in New York, MB Real Estate Midwest president John T. Murphy tells GlobeSt.com. The sellers are a joint venture of MB Real Estate, headquartered in Chicago, and CrossHarbor Capital Partners LLC, based in Boston. Murphy led a syndication of investors that partnered with CrossHarbor Capital Partners in the capacity of operating partner for 200 W. Jackson, he says.

Murphy says the decision to sell the building was not made by MB Real Estate. “Based on our strategic objectives, the building hit a value that was the appropriate time to basically exit our investment in the property,” he says. “It seemed to be something that worked very well for everyone involved.”

In 2003, the joint venture purchased the 28-story building for less than $50 million, he says. Murphy tells GlobeSt.com there were several factors that contributed to an increase of value of $28 million in the few years since they purchased the property. The joint venture “completely renovated the lobby, increased the retail presence along Jackson [Boulevard] as well as Wells [Street], put in the tenancy of Chase Bank and, in addition to that, we did several different lease deals,” Murphy says. “The most recent and significant one was a 104,000-sf transaction with Cash America International.”

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