Chinese investor enters Chicago market
A venture of HNA Group has plans to buy the tower at 181 W. Madison St. from CBRE Global Investors. An official statement has not been released; however, a Crain’s Chicago Business article estimates the sales price was approximately $360 million.
The 50-story tower, which totals 937,000 square feet, is located in Chicago’s Loop business district. Tenants include Northern Trust.
The acquisition is HNA Group’s first asset in Chicago, but the foreign investor has been active in the U.S. market, acquiring more than $14 billion in U.S. properties during the past year. In 2016 HNA Group paid $137 million for 10 golf courses in Seattle from Oki Golf, which will continue to operate the courses. In San Francisco, HNA Group acquired the office building located at 123 Mission St. for $255 million. And HNA Group purchased the City Center office tower and retail center in downtown Minneapolis for $315 million.
In the hotel sector, HNA Group paid $6.5 billion t