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Kinship Capital looking to sell Loop office tower for $120M
The Searle family-backed firm bought the 28-story complex in 2010 for $69M
Kinship Capital is looking to sell a 28-story Loop office tower for $120 million.
If it sells at that price, it would be a substantial return for the Chicago investment firm backed by the Searle family. It bought the 31-year-old building at 225 West Washington Street for $69 million in 2010, according to Crain’s, which first reported on the tower listing.
The previous owners, a joint venture of Anglo Irish Bank and Chicago-based developer Golub, had faced a default on more than $100 million in loans on the property, which they bought for $100 million in 2005.
Kinship refinanced the 484,000-square-foot tower with a $50 million loan in 2011, according to Cook County records.
CBRE said the building is 86 percent leased, with tenants including Allianz Global Investors, which has 73,000 square feet.
CBRE brokers Paul Lundstedt, Tom Sitz and Cody Hundertmark are marketing the property. [Crain’s] — John O’Brien