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

TRD CHICAGO /
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


Related Articles

arrow_forward_ios
Ashkenazy CEO Ben Ashkenazy and 625 N. Michigan Avenue (Credit: Google Maps)

Ashkenazy scores $61M loan for retail portion of Mag Mile office tower

Managing director of Wanxiang American Real Estate Larry Krueger and CEO of Riverside Investment & Development John O’Donnell

Riverside JV looks to recap or sell 1.2M sf West Loop office tower

Amazon CEO Jeff Bezos and 315 S. Hicks Road in Palatine (Credit: Getty Images, Google Maps)

Amazon nails down another 650K sf worth of Illinois warehouses

Founder and CEO of Level Ex Sam Glassenberg and 180 North LaSalle St. (Credit: Google Maps)

Medical gaming company inks sublease deal in the Loop

Ald. Andre Vasquez (40th) and 5500 N. Wolcott Ave. (Credit: Google Maps)

Ald. Vasquez says Temple Steel campus won’t give way to luxury housing

A rendering of the Target warehouse at 3501 S. Pulaski Road and Target CEO Brian Cornell (Credit: Hilco Redevelopment, Target)

Target takes aim at massive warehouse in Little Village

From left: CEO and founder of CA Ventures Thomas Scott, CEOs of WeWork Sebastian Gunningham and Artie Minson, and a rendering of the building

WeWork has troubles, but it also has a new location in River North

The Bolingbrook property along route 53 and Amazon CEO Jeff Bezos (Credit: Google Maps, Getty Images)

Amazon pays $51M for site of former Chicagoland amusement park

arrow_forward_ios
Loading...