Commerz Real buys Chicago office complex for $167.5m
Commerz Real has paid $167.5 million for an office complex in Chicago on behalf of its open-end real estate fund Hausinvest.
The sellers are J.P. Morgan Asset Management and the Chicago-based real estate investment and development firm Sterling Bay.
The deal marks Commerz Real’s second investment in Chicago for the fund within a year. Hausinvest’s portfolio consists of office properties, shopping centers and hotels in Europe and abroad. In November 2018 the asset manager acquired the 20-story office building The National in the city’s central business district known as The Loop. The firm currently has around 100 premium properties in its portfolio.
Located at 1330 West Fulton, the building encompasses 27,000 square meters (290,475 square feet) of leasable area and is fully leased to 10 companies, including technology company Dyson and Glassdoor. The building was completed in 2017 and is certified LEED Gold.
Tenants have private balconies, in addition to roof terrace access, a lounge, a fitness center and a café/bar, as well as a 620-car parking area and several public transit options nearby. Additionally, a restaurant by three-star chef Curtis Duffy is opening in the building in 2020.
“1330 West Fulton is a prime example of what an office building should look and feel like nowadays,” said Henning Koch, global head of transactions at Commerz Real. “In particular in terms of the extensive services and quality of life for the tenants, apart from simply providing office space.”
The building is situated in Chicago’s Fulton-Randolph Market District, a former meat-packing, warehousing and industrial area that now serves as the headquarters of major international companies, such as Google, McDonalds and international food company Mondelez.
