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


Related Articles

arrow_forward_ios
Berkadia CEO Justin Wheeler with Moran & Co.'s Tom Moran (Getty)

Berkadia picks up longtime multifamily brokerage

Berkadia picks up longtime multifamily brokerage
The owner of Johnny’s IceHouse East wants to sell the 50,000-square-foot building. (Johnny's IceHouse via Facebook, iStock)

No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity

No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity
110 North Carpenter Street and 333 South Wabash Avenue (Sterling Bay, Shvo)

Here are Chicago’s 10 biggest investment sales of 2020

Here are Chicago’s 10 biggest investment sales of 2020
TTX Company CEO Thomas Wells and 101 North Wacker Drive (Google Maps)

Off the rails: Freight train provider lists West Loop HQ for sublease

Off the rails: Freight train provider lists West Loop HQ for sublease
2430 North Halsted Street and Harrison Street's Christopher Merrill (Sterling Bay; Harrison Street)

Harrison Street raises $720M for life sciences real estate fund

Harrison Street raises $720M for life sciences real estate fund
JDL Development's CRP James D. Letchinger and Halsted Flats (Getty, Halsted Flats, JDL Corp)

Luxury building near Wrigley Field hits market for $125M

Luxury building near Wrigley Field hits market for $125M
Roger Romanelli and Mayor Lori Lightfoot (Fulton Market Association, Getty, iStock)

Restaurant coalition to Lightfoot: Reopen indoor dining

Restaurant coalition to Lightfoot: Reopen indoor dining
Industrious CEO Jamie Hodari and 600 West Jackson Boulevard (Google Maps)

Flex-office provider Industrious sued by landlord

Flex-office provider Industrious sued by landlord
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...