NYC Investment Firm Pays $68M for South Loop Office Building
The 591,577-square-foot Canal Center office building is fully occupied by Northern Trust Co., whose lease term runs through August of this year.
CHICAGO—New York City-based 601 W Companies has acquired 801 Canal St. here in the South Loop from Canal / Taylor Venture for $68 million.
The 591,577-square-foot Canal Center office building is fully occupied by Northern Trust Co., whose lease term runs through August of this year.
JLL exclusively represented the seller, Canal / Taylor Venture, represented by Paul Gearen, and procured the buyer in the deal. JLL’s Capital Markets team representing the seller was led by senior managing directors Jaime Fink and Bruce Miller; senior managing director/managing broker Jeff Bramson; senior director Patrick Shields and director Sam DiFrancesca.
“With an influx of nearly $11 billion of recent and ongoing capital projects surrounding Canal Center, the South West corner of Chicago’s CBD market has evolved into a major focal point within the city,” JLL’s Fink says.
The property features large 105,000-square-foot floorplates, ample executive and surface parking and a host of amenities, including an on-site food hall, fitness center, daycare, conferencing facilities and outdoor terrace space. In addition to the office building, the offering also included a 1.3-acre development site situated directly south of the property.
Some of 601 W Companies more notable holdings include: the 2.75-million-square-foot Aon Center in Chicago; the more than 407,000-square-foot 550 West Jackson Ave. in Chicago; the 1.5-million-square-foot 600 West Chicago Ave. in Chicago; 180 North LaSalle St. (770,000 square feet) in Chicago; the more than 1-million-square-foot 1185 Ave. of the Americas in New York City; the 2.3-million-square-foot 601 West 26th St. in New York City and the iconic 2.3-million-square-foot US Steel Tower in Pittsburgh.