Office Buyers Have Few CBD Opportunities

CHICAGO—Purchasing downtown office space, as opposed to renting, is relatively unusual, but Lisa Davidson and James Stein of Studley say that for some users it makes sense. As reported in GlobeSt.com, the two have just finished representing, for example, the Taipei Economic and Cultural Representative Office in the US in its purchase of 20,315-square-feet within 55 W. Wacker in Chicago. The consulate, which will relocate this spring from its current offices atop Two Prudential Plaza at 180 N. Stetson in Chicago, serves Taiwanese citizens in the Midwestern US and represents the interests of the Republic of China, also known as Taiwan.

“When you own, it’s more difficult to have the flexibility you need if you decide to expand or contract,” Davidson tells GlobeSt.com. “But for a consulate, their needs are relatively static, so the lack of flexibility does not have the same importance.” In DC and New York, the Taipei offices own their property as well, and “it is their investment philosophy that it is better to own rather than rent.”