GLL's $185M Buy of 550 W. Adams Closes

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.