DALLAS and CHICAGO, /PRNewswire/ -- Behringer Harvard announced that it has formed a joint venture with affiliates of Equity Group Investments LLC and Transwestern Investment Company LLC to recapitalize 200 S. Wacker Drive (top left photo) in the West Loop of Chicago's central business district. The premier 40-story office tower comprising 754,750 rentable square feet was previously acquired by Behringer Harvard in November 2007.
As a result of the June 15, 2011 transaction, Behringer Harvard is bringing in additional capital partners for 200 S. Wacker Drive while retaining a 10 percent ownership interest and continuing its responsibility for daily management of the property. J.F. McKinney & Associates will serve as the leasing agent.
"We pursued an extensive competitive process that identified several attractive partner candidates," said Mr. Robert Aisner, President and co-COO of Behringer Harvard.
"We chose to partner with Equity Group Investments and Transwestern Investment Company based on their high statures in the industry, their broad and deep experience, and their track records of success.
“We believe this joint venture offers us and our new partners a superior opportunity to maximize the value of 200 S. Wacker Drive."
Equity Group Investments invested in the building through the Zell Credit Opportunities Fund, which focuses primarily on debt investments and capital restructurings.
"We're beginning to see an increase in investment opportunities as more lenders and owners bring assets for recapitalization into the market,” said Mr. Sam Zell (lower left photo)l, Chairman of Equity Group Investments.
“The 200 S. Wacker Drive transaction enabled us to acquire an interest in a great asset in a terrific location at below replacement cost, and we did it with strong partners that are also focused on improving the asset and positioning it for leasing success.”
Contacts:
Web Site: http://www.bhfunds.com
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