{"id":1004226321,"date":"2018-05-02T01:35:38","date_gmt":"2018-05-02T09:35:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004226321"},"modified":"2022-12-08T09:32:27","modified_gmt":"2022-12-08T17:32:27","slug":"brookfield-fund-snags-chicago-office-tower-for-305m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-fund-snags-chicago-office-tower-for-305m\/","title":{"rendered":"Brookfield Fund Snags Chicago Office Tower for $305M"},"content":{"rendered":"

By Gail Kalinoski<\/em><\/p>\n

\"175<\/a>

175 W. Jackson in Chicago<\/p><\/div>\n

In a $305 million deal, a private real estate fund sponsored by Brookfield Asset Management has acquired 175 W. Jackson, a 1.4 million-square-foot, Class A tower built in 1912 in Chicago\u2019s Central Loop submarket.<\/p>\n

JLL Capital Markets, led by International Director Bruce Miller and Managing Director Nooshin Felsenthal, represented the seller, an ultra-high net worth European family advised by Extell Development. The owners had purchased the 22-story property in 1998 and reportedly spent about $100 million in renovations to modernize the tower, which was designed by famed Chicago architect Daniel Burnham. Recent upgrades include a 7,500-square fitness center, a conference center and rooftop decks.<\/p>\n

\u201cThe next stage of 175 West Jackson\u2019s life as a progressive downtown Chicago work environment will be exciting to see. Brookfield is a globally recognized asset manager with a stellar reputation and an innate ability to find and execute value-add strategies that redefine buildings,\u201d<\/em> Miller said in a prepared statement.<\/p>\n

Office tenants include Enova International, Wolverine Asset Management and the Chicago office of the U.S. Securities & Exchange Commission. Located in the city\u2019s financial district, nearby buildings include the Federal Reserve Bank of Chicago, the Chicago Mercantile Exchange\/Chicago Board of Trade and the Chicago Stock Exchange.<\/p>\n

Retail tenants on the ground floor include numerous restaurants as well as CVS, Fifth Third Bank and Liberty Travel.<\/p>\n

The building is also near Willis Tower, the 110-story, 4.6 million-square-foot skyscraper undergoing a major redevelopment estimated to cost more than $500 million.<\/a><\/p>\n

\u201cThe timing of the opportunity was excellent as 175 West Jackson is positioned to benefit from the billions of dollars of investment in surrounding projects,\u201d <\/em>Felsenthal said in a prepared statement.<\/p>\n

Chicago Office Sales<\/strong><\/h2>\n

The city\u2019s Loop has seen numerous office buildings change hands so far this year, including One South Dearborn, a 40-story, Class A tower in the Central Loop that was sold by Olen Properties to Starwood Capital Group<\/a>, for an undisclosed amount. The sale marked Starwood Capital Group\u2019s first purchase in Chicago\u2019s downtown office market.<\/p>\n

Miller and Felsenthal\u2019s team also recently handled the sale of Chicago\u2019s historic Sullivan Center, an 833,000-square-foot office building purchased by The 601W Cos., a New York-based private real estate investment and development firm, for $176 million. The sale included only the office portions of the building, the former Carson Pirie Scott department store that takes up nearly a full block and is bounded by State, Madison and Monroe streets and Wabash Avenue. The sellers, KKR and Madison Capital, had owned it for about two years.<\/p>\n

Image courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Capital Markets represented the seller, an ultra-high-net-worth European family advised by Extell Development. Situated in the Central Loop, the 22-story 175 W. Jackson high-rise dates back to 1912.<\/p>\n","protected":false},"author":1068,"featured_media":1004226327,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21808,21783,13,21742,21747],"tags":[33496,39714,35821,32796,39717],"class_list":["post-1004226321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-featured","category-investment","category-midwest","category-latest","category-office","tag-brookfield-asset-management","tag-bruce-miller","tag-extell-development-company","tag-jll","tag-nooshin-felsenthal"],"acf":[],"yoast_head":"\nBrookfield Fund Snags Chicago Office Tower for $305M - 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\/brookfield-fund-snags-chicago-office-tower-for-305m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookfield Fund Snags Chicago Office Tower for $305M\" \/>\n<meta property=\"og:description\" content=\"JLL Capital Markets represented the seller, an ultra-high-net-worth European family advised by Extell Development. 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