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Pearl Invests in Office Condo at 55 W. Wacker

CHICAGO-The owner of the 209,000-square-foot building says the purchase is another in an upswing in demand because of the unstable economy.

By Cari Brokamp | Updated on November 09, 2008

CHICAGO-Real estate investment firm Pearl Properties, based in Philadelphia, has purchased 15,200 square feet in the mezzanine and second floor of 55 W. Wacker. The space in the Central Loop building, which is in the process of being converted to office condos by Cape Horn Group, sold for around $4.5 million. The mezzanine space is currently leased to a national credit tenant, while the second level is leased to a subsidiary of a Chicago company headquartered nearby that uses the floor as an employee fitness center.

“Pearl Properties sees and understands the value of commercial property in downtown Chicago,” Juan DeAngulo, Cape Horn regional manager, tells GlobeSt.com. “Especially given the times that we’re in, putting equity in a brick and mortar asset is good.”

Office condos could stand to benefit from the current shaky economy, but for every buyer seeking investments not subject to the whims of a volatile stock market, there’s another standing on the sidelines nervous to make a move, DeAngulo says. “We have seen an increase in people understanding the value in buying, but it’s a mixed bag because on the other hand, some people are cautious right now,” DeAngulo says. “I think the election was a very important first step in getting people back to general activity. There are some smaller companies that are not as well capitalized that have been waiting and seeing before they do anything moving forward.

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