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| 550 West Adams, West Loop, Chicago, IL |
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| Jaime Fink |
CHICAGO, IL – HFF announced today that it has closed the
$185 million sale of 550 West Adams, a Class A office tower totaling
approximately 483,677 rentable square feet in Chicago’s West Loop.
HFF
marketed the property on behalf of the seller, SEB Asset Management, an
established real estate asset manager based in Frankfurt, Germany. GLL Real Estate Partners purchased the asset
free and clear of existing debt for $382 per rentable square foot.
550 West Adams was designed by DeStefano + Partners to be
approximately 87 percent glass to allow natural light into the lobby and tenant
spaces.
Completed in 2006, the 18-story tower has ground retail
space. An adjacent parking garage
located at 125 South Jefferson provides 18 indoor executive parking spaces
along with 16 additional reserved spaces.
550 West Adams is anchored by the global headquarters of USG
Corporation.
Other major tenants include law firm Lewis, Brisbois,
Bisgaard & Smith LPP; Humana Health Plan; and JP Morgan. Situated on .698 acres at the northwest
corner of Adams and Clinton Streets, the building is across the street from
Union Station and two blocks south of the Ogilvie Transportation Center.
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| Jeffrey Bramson |
The HFF investment sales team representing the seller was
led by senior managing directors Jaime Fink and Jeffrey Bramson,
managing director Mark Katz and real estate analyst Bryan Rosenberg.
“550 West Adams is an excellent example of the strong demand
by global investors’ desire to acquire office towers in Chicago,” said
Fink. “The diversification of capital,
both domestic and global, has never been greater than in the past few years.”
“In addition to domestic capital, HFF has or is currently
transacting with Asian, Canadian, European, Middle Eastern and South American
capital sources,” Fink added.
“Investors realize the benefits of investing in Chicago’s growing
economy and diverse employment base.
"Furthermore, Chicago has attracted strong interest in the redevelopment
of vintage office properties into alternative uses, like hotels or
multi-housing. Coupling this reduction
in office supply with limited office development in the pipeline creates an
environment that should bode very well for Chicago’s office markets and office
owners.”
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| Mark Katz |
HFF recently named Fink co-head of HFF’s national office
platform, and he assumed the leadership role in January 2015 alongside senior
managing directors Stephen Conley and Michael Leggett.
Fink has more than 18 years of experience in
the commercial real estate industry and, since joining HFF in 2004, has closed
more than $19.4 billion of commercial real estate sales for office, retail,
industrial and land transactions in the Chicago area.
For a complete
copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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