CHICAGO—The $185 million purchase by GLL Real Estate Partners of 550 W. Adams, a class A office tower with about 483,677 rentable square feet, just closed, according to officials from HFF, which marketed the property on behalf of the seller, SEB Asset Management. GLL, a German asset manager, purchased the tower free and clear of existing debt for $382 per rentable square foot.
The global headquarters of USG Corp. anchors the 18-story West Loop building. Completed in 2006, DeStefano + Partners designed 550 W. Adams to allow natural light into the lobby and tenant spaces. Other major tenants include the law firm Lewis, Brisbois, Bisgaard & Smith LPP; Humana Health Plan; and JP Morgan. Situated on .698 acres at the northwest corner of Adams and Clinton Sts. the building is across the street from Union Station and two blocks south of the Ogilvie Transportation Center.
Senior managing directors Jaime Fink and Jeffrey Bramson, managing director Mark Katz and real estate analyst Bryan Rosenberg led the HFF investment sales team representing the seller.
“550 West Adams is an excellent example of the strong demand by global investors' desire to acquire office towers in Chicago,” says Fink. “The diversification of capital, both domestic and global, has never been greater than in the past few years.”
“In addition to domestic capital, HFF has or is currently transacting with Asian, Canadian, European, Middle Eastern and South American capital sources,” Fink adds. “Investors realize the benefits of investing in Chicago's growing economy and diverse employment base.” In addition, the “reduction in office supply with limited office development in the pipeline creates an environment that should bode very well for Chicago's office markets and office owners.”
HFF recently named Fink co-head of HFF's national office platform, and he assumed the leadership role in January 2015 alongside senior managing directors Stephen Conley and Michael Leggett.
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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.
