ASB Buys 10 S. State for $60 Million

CHICAGO—ASB Real Estate Investments has just purchased 10 S. State St. for $60 million, company officials said. The three-level, two-story building sits at the intersection of State St. and Madison St., making it one of the premier retail spaces in downtown Chicago. The Washington, DC-based ASB made the acquisition on behalf of its Allegiance Real Estate Fund, an investment vehicle it manages, in joint venture with Madison Capital. The seller was the Irish Bank Resolution Corporation.

Urban Outfitters, Forever 21 and Office Depot currently rent 100% of the 55,000-square-foot property, which features 158 feet of frontage on State St. and 19,000-square-feet of land. It is also sits next to a stop on the subway’s red line heavily used by residents, commuters, tourists and shoppers.