Chicago Towers Changing Hands

August 24, 2012

Some big Chicago buildings have changed hands.

Strategic Hotels and Resorts re-purchased the Jumeirah Essex House from Dubai Investment Group for an estimated $375 million. Chicago-based Strategic Hotels and Resorts had sold the 509-room, 81-year-old building in 2005 for approximately $440 million in 2005 to Dubai Investment Group. Dubai spent the past seven years and an estimated $90 million converting 35 rooms into luxury Chicago condos for sale from $1 million to $5 million. The property, at 160 Central Park South in Chicago, was on the market since March. Strategic owns 17 luxury hotels, with 7,762 rooms and 840,000 square feet throughout North America and Europe.

Dallas-based Lincoln Property Co. and Southfield, MI-based Farbman Group are buying the 230 West Monroe office building for $93.5 million. The 29-story, 624,000 square foot building in Chicago’s loop district is being sold by the General Electric Pension Trust of Stamford, CT., for about $150 per square foot. Local experts say this is about three times under current replacement cost. Holliday Fenoglio Fowler’s Chicago office is handling the transaction.

General Electric Pension Trust also sold a major portion of the 200 West Monroe office building to Philadelphia-based Lubert-Adler Funds and Southfield Hills, MI-based Farbman Group for $75 million. The 649,000-square-foot, 23-story office building is in Chicago’s West Loop district. Lubert-Adler Funds and Farbman Group bought a 535,911-square-foot portion of the building for about $140 per square foot. Local experts say this is at least four times under current replacement cost. The building is 80% occupied. Holliday Fenoglio Fowler’s Chicago office also handled the transaction.

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