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Transactions - APRIL 18, 2014

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IN-DEPTH: Sumitomo Corp. invests in Chicago

by Andrea Waitrovich

The American entity of Tokyo-based Sumitomo Corp. has acquired 203 N. LaSalle, an office building in Chicago’s Central Loop District.

 

THE DEAL

The sellers of the 29 year-old office tower were M&J Wilkow Ltd. and HCI Immobilien Consult GmbH, the real estate arm of HCI Capital.

The sales price was $111.5 million, or $192 per square foot. Avison Young represented the buyer and will serve as exclusive leasing agent for the office tower.

It marks Sumitomo Corporation of America’s first acquisition in Chicago, a market that the company is targeting for more investment in the future.

 

THE ASSET

The trophy-class building comprises 581,107 square feet of office space within a 27-story class A

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