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$305M Sale of Loop Office Building Nears Finish
The $305 million price that Brookfield Asset Management will pay for the 22-story Loop office building at 175 W. Jackson Blvd. is less than the seller was seeking. The deal is still being finalized.
The seller, Extell Development, bought the full-block, 1.4-million-square-foot structure with an investor in 1998, and renovated it in 2002. The building is about 67% leased, which may be one reason Extell couldn’t obtain the $325 million it wanted in the sale.
The building is 106 years old and houses 27 office tenants. It has 46,000 square feet of retail space on the ground floor. Further renovation may be needed to attract more tenants.
If closed, the deal would be Brookfield’s second major foray into The Loop. The company is buying the top floors of Macy’s State Street store last year, with plans to convert them into offices.
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