AEW Scores $135M Office Deal in Windy City
- Aug 26, 2015
By Ioana Neamt, Associate Editor
A prime office asset in Chicago’s West Loop recently sold for a whopping $135 million in a deal secured by HFF.
AEW Capital Management Inc. acquired 525 W. Van Buren, a 16-story, 522,809-square-foot office tower in the city’s central business district, from Northwood Investors. An HFF investment sales team led by Senior Managing Directors Jaime Fink and Jeffrey Bramson and Managing Director Mark Katz represented the seller in the transaction. AEW purchased the property on behalf of one of its separate account clients.
“The property has true Class A tenancy and also offers a great opportunity to lease up the vacant space as Chicago’s central business district office market continues to improve,” said Fink.
The 13-year-old tower at the southwest corner of Van Buren and Canal streets incorporates a fitness center, conference center, an on-site café, 40 indoor executive parking spaces, a mezzanine floor with a Wi-Fi lounge, as well as a bike room with storage for 56 bikes. 525 W. Van Buren is adjacent to the Chicago Transit Authority’s elevated train system, while also being close to Union Station, Ogilvy Transportation Center and the I-290, providing workers and commuters easy access to the entire metropolitan area.
Image courtesy of Northwood Investors