Trending
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
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.