Two Asia-based investors buy and sell offices located in Chicago
In separate deals, two Chicago office towers were exchanged for an estimated total sales price of $630 million, according to Real Capital Analytics.
CommonWealth Partners, on behalf the $302 billion California Public Employees’ Retirement System, has sold the 1.2 million-square-foot Harris Bank headquarters. The new owner is a venture of Seoul-based Samsung Life Insurance. RCA estimates the sales price is $315 million, or $263 per square foot.
The three-building office complex, which is located at 111 W. Monroe St. in Chicago’s Loop submarket, was purchased in 2011 for approximately $144 million.
And less than a mile away, Sumitomo Life and its partners, the Hines U.S. Core Office Fund and GM Investment Management, have sold the riverfront office property at 333 W. Wacker to PNC Realty Investors for an estimated price of $315 million. The sellers acquired the 867,821-square-foot office building in 2006 for $221.5 million.