CHICAGO, IL – Office Properties Income Trust has completed two separate acquisitions of two class A office properties for a total purchase price of $550 million.
For the first of the two acquisitions, the firm purchased the 531,190-square-foot office asset, known as 1K Fulton in Chicago, IL for $355 million, excluding closing costs. The sales price reflects a current GAAP cap rate of 4.7% at closing.
The LEED certified property in Chicago's Fulton neighborhood is 99% leased and 73% occupied by Google's Midwest headquarters. The property, which underwent a full redevelopment in 2015, features ground-floor retail, 157 subterranean parking spaces, two fitness centers, multiple roof decks and a steak house restaurant.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
