Kushner Cos. selling lone Chicago property

The office tower at 225 West Randolph Street was part of the controversy over loans from Apollo Global Management

Oct.October 10, 2018 09:00 AM

Charlie and Jared Kushner and 225 West Randolph Street (Credit: Kushner)

Kushner Companies has a deal to sell its lone Chicago property, a Loop office tower, to an Angelo Gordon-led venture.

The price of the deal between the two New York companies for the 30-story building at 225 West Randolph Street is unclear. Kushner wanted $315 million when it put the building on the market in 2014, according to Crain’s. Real Estate Alert was the first to report on the deal.

Kushner paid $276 million for the 853,000-square-foot building in a 2007 sale-leaseback deal with AT&T, whose 670,000-square-foot lease expires at the end of 2022.

Joining Angelo Gordon in the deal are Chicago investor AJ Capital and a New York venture of former Angelo Gordon executive Ryan Klenovich, according to Crain’s.

White House ethics investigators launched a probe after Apollo Global Management refinanced the building with a $184 million loan after an Apollo executive had meetings at the White House with presidential adviser and son-in-law Jared Kushner, part of a larger package of loans from Apollo.

Kushner spokespeople at the time denied any impropriety in the loans. A spokesperson for Kushner did not immediately respond to a request for comment Wednesday.

Angelo Gordon has stakes in several Chicago-area properties, and earlier this year teamed with Chicago-based GlenStar Properties in April to buy the Presidents Plaza office towers near O’Hare Airport for $148 million.

AJ Capital was a joint investor with Shapack Partners in the Soho House property in Fulton Market. [Crain’s] — John O’Brien

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