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Brookfield Property Partners pays $305M for Loop office tower
The global investor acquired the 1.4M sf property from an Extell partnership
Brookfield Property Partners paid $305 million for a century-old office tower in the Loop.
The sale of the 1.4 million-square-foot property at 175 West Jackson Boulevard closed on April 12, Cook County records show. The deal works out to $218 per square foot.
Extell Development was part of the venture that sold the 22-story building. The New York-based development company teamed up with an unidentified European investor in 1998 to acquire the building, and spent $100 million to renovate it, according to Crain’s, which reported on the pending sale in February.
The property, which spans a city block between Jackson Boulevard and Van Buren Street, was designed by renowned architect Daniel H. Burnham. Constructed in 1912, an addition was built 15 years later.
The building is just 67 percent leased, far lower than the 87.1 percent average for the Downtown office market, according to CBRE.
The largest of the building’s 27 tenants is Enova International, Wolverine Asset Management and the local office of the Securities and Exchange Commission, according to Crain’s. It has 46,000 square feet of ground floor retail space and a 240-vehicle underground garage, according to Real Capital Analytics.