CHICAGO, IL-Transwestern announced on Monday that the new owners of the Congress Center, a 16-story tower at 525 W. Van Buren that has endured a chaotic year, had picked their firm as its new exclusive leasing agent.
Transwestern has a big job ahead. The building's previous owners spent most of 2012 wrangling with lenders and tenants, damaging the property's reputation. Crain's Chicago Business reported last June that lenders were claiming the owners were in default on a loan for the building. Meanwhile, many tenants were claiming the owners owed them money for making improvements. Transwestern said that the occupancy rate was only 74 percent, far below the average for downtown Chicago.
The building was constructed in 2002 and has 522,000 SF of Class A office space. It was acquired late last year by a joint venture for $95 million. The joint venture consists of Northwood Investors LLC, a real estate investment adviser based in New York, and Sovereign Capital Management Group Inc.'s American Recovery Property Trust.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
