The Real Deal Chicago

Walton Street, R2 look to sell two West Loop office buildings

The firms acquired the buildings 2 years ago in a $86M portfolio deal
By John O’Brien | October 17, 2018 04:00PM

Walton Street Managing Principal Neil G. Bluhm and R2 Managing Principal Matt Garrison

A joint venture of Walton Street Capital and R2 Companies is looking to sell two office buildings in the West Loop for $55 million.

The Chicago firms listed 641 West Lake Street, a 107,000-square-foot property; and the 79,000-square-foot Glessner Center at 130 South Jefferson Street, according to MB Real Estate.

The buildings were part of a portfolio the Walton Street-R2 venture bought in 2016 for $86 million from Loft Development. That deal included four other loft office buildings in the West Loop and River North along with three pieces of property in the West Loop.

Whoever buys the R2/Walton Street properties will be entering a West Loop office market that has seen several large projects come online or proposed in recent months. They include the 20-story new construction tower at 625 West Adams Street from White Oak Realty Partners and CA Office; 601W Companies’ ongoing redevelopment of the massive Old Main Post Office; and a planned 1.5 million-square-foot tower next to Union Station from Riverside Investment & Development and Convexity Properties.