Jones Lang LaSalle
49-Story Madison St. Tower Latest High-Rise to Trade in Windy City
by Randetta Johnson
In what is turning out to be a busy sales month in another busy sales year for Class A office properties in Chicago, an investment affiliate of pension plan advisor GE Asset Management acquired 181 W. Madison St. from Prudential Real Estate Investors for $294 million, or almost $314 per square foot, according to public records.
Prior to its sale to GE, the property was briefly under contract to Japan-based DECT Corp. The deal fell through upon DECT's failure to make the necessary earnest money deposit, according to published reports.
The 936,366-square-foot, 49-story tower designed by Cesar Pelli & Associates is on the southeast corner of Madison and Wells streets. The Class A property is 85.6% leased with Northern Trust, LaSalle Bank, UGS AG, QRM and Societe Generale among the largest tenants.
Other downtown Chicago office buildings to recently sell or go under contract include 333 W. Wacker, One Illinois Center, Riverside Plaza and The Rookery.
Bruce Miller, managing director at Jones Lang LaSalle, represented the seller, Prudential. MB Real Estate will retain the leasing assignment under the new owner.
49-Story Madison St. Tower Latest High-Rise to Trade in Windy City
by Randetta Johnson
In what is turning out to be a busy sales month in another busy sales year for Class A office properties in Chicago, an investment affiliate of pension plan advisor GE Asset Management acquired 181 W. Madison St. from Prudential Real Estate Investors for $294 million, or almost $314 per square foot, according to public records.
Prior to its sale to GE, the property was briefly under contract to Japan-based DECT Corp. The deal fell through upon DECT's failure to make the necessary earnest money deposit, according to published reports.
The 936,366-square-foot, 49-story tower designed by Cesar Pelli & Associates is on the southeast corner of Madison and Wells streets. The Class A property is 85.6% leased with Northern Trust, LaSalle Bank, UGS AG, QRM and Societe Generale among the largest tenants.
Other downtown Chicago office buildings to recently sell or go under contract include 333 W. Wacker, One Illinois Center, Riverside Plaza and The Rookery.
Bruce Miller, managing director at Jones Lang LaSalle, represented the seller, Prudential. MB Real Estate will retain the leasing assignment under the new owner.
posted by Jones Lang LaSalle NJ News Blog at 11:08 AM
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