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| Jeff Bramson |
CHICAGO, IL –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged
acquisition financing for 200 West Adams,
a 32-story, LEED Gold certified, 683,730-square-foot office tower in Chicago’s
West Loop.
HFF was retained by the
property’s owners, NY-based Sterling Equities and Lincoln Property Company, and
facilitated the sale to Gerding Edlen for $168.25 million free and clear of
debt.
Additionally, HFF assisted the new
owner in securing a $133.96 million, three-year, floating-rate acquisition loan
through AEW Capital Management, LP.
200 West Adams is located
at the northwest corner of Adams and Wells Street one block from the LaSalle
Street corridor, which is the epicenter of Chicago’s financial
institutions.
The property has easy
access to Ogilvie Transportation Center and Union Station providing commuter
rail service, as well as proximity to Interstates 90, 94, 290 and 55 that link
the greater Chicago metropolitan area to downtown.
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| Jaime Fink |
Originally built in 1985,
200 West Adams is 91 percent leased to tenants including the GSA, BMO Harris
and Lowis & Gellen. The lobby retail
space is leased to Starbucks, Walgreens and Au Bon Pain.
The HFF investment sales
team representing the seller was led by senior managing directors Jeff Bramson and Jaime Fink.
HFF’s debt placement team was led by managing
director Tim Joyce.
“AEW views Gerding Edlen
as a well-heeled, best-in-class owner/operator with the ability to execute on
the business plan, unlocking potential value at 200 West Adams,” said Dan Jacobson of AEW. “We were able to
tailor the financing to meet the borrower’s specific needs in a fairly
compressed time frame.”
“200 West Adams was
offered at a substantial discount to replacement cost with rents that are well
below market rates. The wide gap between
current in-place rents and current market rents combined with the near-term
rollover of more than 50 percent provides an investor with a substantial return
throughout the holding period,” added Bramson.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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