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| 231 South LaSalle, Chicago, IL |
CHICAGO, IL – HFF announced today that it has closed the
sale of 231 South LaSalle, a 1.03 million-square-foot, historic office and
retail building in Chicago, Illinois.
HFF marketed the property on behalf of a Gramercy Capital
Corp. and Garrison Investment Group.
Berkeley Properties purchased the asset for $97 million.
Originally built in 1924 as the Illinois Merchants Bank, 231
South LaSalle is 96.6 percent leased to tenants including Bank of America and
Northern Trust Company.
The 23-story property has 1,038,466 square feet of office
space and features 24,839 square feet of ground floor retail. 231 South LaSalle occupies a full city block
in the LaSalle Street Corridor of Chicago, more commonly recognized as the
city’s financial district.
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| Jeff Bramson |
The HFF investment sales team representing the seller was
led by senior managing directors Jeff Bramson and Jaime Fink and
director Mark Katz.
Gramercy Capital Corp. is a self-managed, integrated commercial
real estate investment and asset management company.
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| Jaime Fink |
The company's Gramercy Realty division currently manages
approximately $1.9 billion of commercial properties leased primarily to
regulated financial institutions and affiliated users throughout the United
States.
The Gramercy Finance division
manages approximately $1.8 billion of whole loans, bridge loans, subordinate
interests in whole loans, mezzanine loans, preferred equity, commercial
mortgage-backed securities and other real estate securities which are financed
through three non-recourse CDOs.
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| Mark Katz |
The company is headquartered in New York City
and has regional investment and portfolio management offices in Jenkintown,
Pennsylvania, Charlotte, North Carolina, and St. Louis, Missouri.
To review the company's latest news releases
and other corporate documents, please visit the company's website at www.gkk.com or contact Investor Relations at 212-297-1000.
Garrison Investment Group is a leading middle market credit,
distressed and asset-based investor.
Garrison’s investment vehicles include hedge funds, private equity
format funds and managed accounts.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |
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