Edge Principal Advisors buys Streeterville resi tower for $155M

The firm secured a $109M loan on the Optima Chicago Center

Apr.April 12, 2018 12:57 PM

The Optima Chicago Center apartment tower in Streeterville (Credit: Optima)

Edge Principal Advisors has acquired the Optima Chicago Center residential tower in Streeterville for $155 million.

The 42-story tower at 200 East Illinois Street has 325 units and was developed by architect David Hovey and DeBartolo Development. It opened in the shadow of Tribune Tower in 2013, four years before its 57-story sister tower, Optima Signature, opened next door at 220 East Illinois Street.

Rents range from $1,900 to $9,200 a month, according to the building’s website.

The purchase price was confirmed from Cook County records. The acquisition is being financed with a $109 million mortgage from Pacific Life Insurance Company secured by the buyers last week.

A representative of New York-based Edge Principal Advisors did not immediately respond to a request for comment on the purchase.

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