CHICAGO--(BUSINESS WIRE)--HFF announced today it has closed the sale of 600 West Chicago, a 1.5 million-square-foot mixed-use property in Chicago.
HFF marketed the property on behalf of the seller, 600 West Chicago Associates LLC. CommonWealth REIT purchased the asset for $390 million and assumed existing financing, which had been arranged by HFF in 2007. HFF also arranged $180 million in financing for the previous owners in 2005.
Completely redeveloped in 2001, 600 West Chicago was originally built in 1908 as the distribution center for the Montgomery Ward catalogue division, and has been designated as a Chicago Landmark Building and is listed on the National Register. The property is 94.2 percent leased to office and retail tenants including Groupon, Wrigley, Fox Sports, Level 3, Japonais Restaurant and David Barton Gym. Parking is available in two garages in the building that together total 1,270 spaces. Located within Kingsbury Park along the Chicago River, 600 West Chicago is close to Interstates 90 and 94, and has direct shuttle bus service to commuter train stations and nearby El stops.
The HFF investment sales team representing the seller was led by senior managing directors Jaime Fink and Jeffrey Bramson.
CommonWealth REIT is an office and industrial real estate investment trust, or REIT. As of June 30, 2011, it owned 7.4 billion of office and industrial properties with approximately 70.3 million square feet located in 31 states, Washington, D.C. and Australia.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com.