Through a joint venture, Madison Capital and KKR have sold Sullivan Center’s 833,000-square-foot office component to The 601W Cos., a New York–based private real estate investment and development firm, for $176 million, according to news sources. Madison Capital and KKR had owned the property since 2016.
The Sullivan Center is a 1 million-square-foot office and retail complex located in the heart of the Central Loop District in downtown Chicago and is one of the city’s iconic structures and home to a number of global office and retail users.
JLL Capital Markets arranged the sale.
“This asset received significant investor interest because of its excellent location, strong tenant base and the fact that it is one of the few larger floor plate buildings catering to the progressive tenants driving demand in this market,” said Bruce Miller, JLL’s international director. “At nearly full occupancy, it is clearly the type of property that tenants covet.”
