{"id":1004053635,"date":"2012-02-22T08:39:58","date_gmt":"2012-02-22T16:39:58","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=36557"},"modified":"2020-04-07T11:27:21","modified_gmt":"2020-04-07T19:27:21","slug":"landmark-civic-opera-building-sold-for-126-million","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/landmark-civic-opera-building-sold-for-126-million\/","title":{"rendered":"Landmark Civic Opera Building Sold for $126 Million"},"content":{"rendered":"

By Gabriel Circiog, Associate Editor<\/p>\n

Tishman Speyer Properties L.P. has sold the Civic Opera Building to a New York venture for almost $126 million, Chicagorealestatedaily.com<\/em> reports.\"\"<\/a> According to Cook County property records, cited by the same source, an affiliate of Nanuet, N.Y.-based Berkley Properties LLC bought the 915,000-square-foot building for $125.8 million. The deal was financed with a $95 million loan from UBS Real Estate Securities Inc.<\/p>\n

Located at 20 N. Wacker Dr., the building is close to being 81-percent leased. The sale does not include the Opera House performance space and a floor of offices bought in 1993 by the Lyric Opera of Chicago, which invested $100 million in renovation.<\/p>\n

The landmark building is well known for its ability to create a fast turnover on low-square-footage tenants. One of its former owners, developer Steve Fifield, once jokingly said \u201cit was like operating a hotel\u201d. Fifield acquired the property in 1994, and after subsequent redevelopment, he sold it in 1997. During his ownership, around 180 tenants passed through the building.<\/p>\n

J. F. McKinney & Associates Ltd. has taken over leasing of the building and, according to Senior Vice President Brian Whiting, the new ownership plans to attract some large tenants after a solid investment in improving the interior.<\/p>\n

The building is currently fetching around $27 per square foot in gross rents, just over half what most neighboring towers receive in the high-demand area of the West Loop.<\/p>\n

This will not be the Berkley’s first endeavor in downtown Chicago. The venture previously acquired a 770,191-square-foot office building at 180 N. LaSalle St. in 2010 and a 540,000-square-foot building at 111 W. Jackson Blvd. for $35 million in 2011.<\/p>\n

For more local news from Chicago, click here<\/a>.<\/p>\n

Photo Credits: \u00a9 Jeremy Atherton, 2006 via Wikimedia Commons<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Gabriel Circiog, Associate Editor
\nTishman Speyer Properties L.P. has sold the Civic Opera Building to a New York venture for almost $126 million, Chicagorealestatedaily.com reports. According to Cook County property records, cited by the same source, an affiliate of Nanuet, N.Y.-based Berkley Properties LLC bought the 915,000-square-foot building for $125.8 million. The deal was financed […]<\/p>\n","protected":false},"author":1269,"featured_media":1004507354,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[],"class_list":["post-1004053635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-latest"],"acf":[],"yoast_head":"\nLandmark Civic Opera Building Sold for $126 Million - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/landmark-civic-opera-building-sold-for-126-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Landmark Civic Opera Building Sold for $126 Million\" \/>\n<meta property=\"og:description\" content=\"By Gabriel Circiog, Associate Editor Tishman Speyer Properties L.P. has sold the Civic Opera Building to a New York venture for almost $126 million, Chicagorealestatedaily.com reports. 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