MB Real Estate pays $19M for office building near Fulton Market

The company also received a $17M acquisition loan from Lake Forest Bank and Trust for the 43K sf building

Feb.February 05, 2020 03:37 PM
Peter E. Ricker, Chairman and CEO of MBRE, and 800-810 West Madison Street (Credit: MBRE and Google Maps)

Peter E. Ricker, Chairman and CEO of MBRE, and 800-810 West Madison Street (Credit: MBRE and Google Maps)

Local real estate shop MB Real Estate has picked up another asset in downtown Chicago.

The real estate investor, headed by Peter Ricker, just purchased a 43,000-square-foot office building near the booming Fulton Market district.

MB Real Estate shelled out $19 million for the four-story, Class-B office building at 800-810 W. Madison St, paying about $440 a foot.

The seller was identified through property records as Fifth Third Bank, which last year merged with MB Financial, Inc., a tenant at the property. (MB Financial has no affiliation with MB Real Estate.)

Lake Forest Bank and Trust provided a $17 million loan to MB Real Estate, according to Cook County mortgage documents. MB Real Estate’s Gregg Graines is listed as the signatory on the loan.

The office building sits just a few blocks away from Fulton Market, considered to be the hottest office submarket in Chicago at the moment.

MBRE, which manages or leases a number of large office properties in Chicago, is headquartered several blocks further down W. Madison Street at 181 West Madison Street. The firm also manages and leases the 50-story, 953,000 square foot office building.

Last year, MBRE purchased another office building in West Loop at 549 West Randolph Street for $36 million. The seven-story office building was 15 percent vacant at the time of the sale.

MB Real Estate did not respond to requests for comment.

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