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PREI Confirms $184M Block 37 Office Buy

CHICAGO-The company bought the 17-story office tower, almost fully leased at the infamous Washington street square downtown, from Golub & Co. and BlackRock Inc.

By Robert Carr | Updated on November 28, 2011

CHICAGO-Parsippany, NJ-based Prudential Real Estate Investors has closed on its purchase of 22 W. Washington, the 17-story office tower built on the grounds of the infamous Block 37 in the Central Loop area, for $183.5 million. The building sold by the joint venture that developed it, a partnership of New York City-based BlackRock and locally based Golub & Co.

Block 37 has had many years of bad luck for development, and that luck continued recently when Freed & Associates had to give up its rights to the retail mall built on the property due to lack of payment on a $173 million construction loan with Bank of America. The site, along with the new 439,434-square-foot office tower,  was supposed to get a large new transportation hub built underneath, but those plans were shelved when the economy went south.

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