Asia-based investors active in Chicago office market
In separate deals, two Chicago office towers were exchanged for an estimated total sales price of US$630 million, according to Real Capital Analytics.
A venture of Seoul-based Samsung Life Insurance Co has acquired the 111,500-square-metre BMO Harris Bank headquarters for an estimated US$315 million, notes RCA. CommonWealth Partners sold the asset on behalf of the US-based US$302 billion California Public Employees’ Retirement System.
Located at 111 W Monroe St in Chicago’s Loop submarket, the office complex was purchased in 2011 for approximately US$144 million.
And less than a mile away, Japan’s Sumitomo Life Insurance Co and its partners, the Hines US Core Office Fund and GM Investment Management Corp, have sold the 36-storey riverfront office property at 333 W Wacker Drive to PNC Realty Investors, also for an estimated US$315 million. The sellers acquired the 80,620-square-metre office building in 2006 for US$221.5 million.
The acquisition follo