$130M Franklin Street-Grubb Office Deal Dies

CHICAGO-A $130-million deal by Grubb & Ellis to sell its Congress Plaza here to Franklin Street Partners is apparently no longer happening. Wakefield, MA-based Franklin issued an SEC filing yesterday which says that the transaction, first reported by GlobeSt.com in November, has been terminated.

The SEC filing says that the deal was killed on Jan. 13 and that neither party will incur fees as a result of the action, but gives no explanation as to what hampered the transaction. A Grubb spokesman says that his firm will continue marketing the asset. Franklin’s representative was not reachable by GlobeSt.com’s deadline.

Last month, Franklin completed two sizable transactions. The firm acquired two flex buildings in Sterling, VA, for $18.5 million, as well as an office building in Maryland Heights, MO, for $19.8 million. In Chicago, Franklin manages 303 East Wacker Dr.