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