"Our client is pleased to enter the Chicago market with the purchase of such a best of class asset," says John Gaskin, principal, American Executive Developers LLC, the investor's exclusive real estate advisor and execution agent in the US. "The 303 West Madison building fits perfectly our client's strategy to acquire trophy properties in world class cities such as Chicago. McMorgan & Co. and CBRE have done an excellent job in upgrading, leasing and managing the building, which was all very important for our client, who intends to hold this property for the long term."

The building was recently improved with renovated common area corridors and bathrooms and updated lighting to bring it closer to LEED certification. McMorgan has owned the 26-story office tower since 2004, when it acquired the property for $63 million from a partnership. The property is located in the West Loop submarket, where overall occupancy is around 87%, according to Transwestern's Q3 office market report.

Designed by Skidmore, Owings & Merrill and completed in 1987, the property offers marble and granite finishes as well as amenities including conference rooms, business equipment, a WiFi coffee bar, parking and on-site retail. Offering 12,500-square-foot floor plates, the property was about 90% occupied in June with tenants representing an average lease term of seven years.