White Oak, Angelo Gordon sell Loop office tower for twice what they paid

New York Life Real Estate Investors acquired 200 West Jackson for $150M

Chicago /
Jan.January 03, 2019 09:00 AM

From left: White Oak Realty Partner’s Richard Blum, New York Life Real Estate Investor’s Mark Talgo, and Angelo Gordon CEO Michael Gordon

White Oak Realty Partners and Angelo Gordon & Co have struck a deal to sell their Loop office tower for more than twice what they paid.

New York Life Real Estate Investors acquired the building for about $150 million, according to Crain’s, which first reported the news. Rosemont-based White Oak and New York-based Angelo Gordon had acquired the 28-story office tower at 200 West Jackson Boulevard in 2015.

The joint venture paid $73.3 million for the roughly 483,000-square-foot building when major tenant Enova International was on the verge of moving out, Crain’s reported. That left the property half empty. The firms then sunk $8 million into renovations, including a top-floor tenant lounge. It signed TV ratings and analytics firm Nielsen to a 215,000-square-foot lease. Now, the building is about 85 percent leased.

Nearby, White Oak and CA Office have already leased most of the 20-story tower they built on spec last year, at 625 West Adams Street. CDW and Ferrara Candy Company signed leases for a combined 360,000 square feet.

Also last year, Angelo Gordon bought the 30-story tower at 225 West Randolph Street from Kushner Companies, nabbing its only Chicago property at an undisclosed price.

A deluge of Downtown corporate relocations pushed office rents in the city to record highs last year. [Crain’s] — Alex Nitkin


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