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Chicago’s YTD Office Sales Beat 12-Month 2017 Tally
The Chicago region’s office sales market year-to-date has already bested the 12-month tally of 2017, with $3.3 billion in trades for the first six months of 2018 compared to $3.1 billion last year, Yardi’s CommercialCafe reported. The $1.84-billion tally in the second quarter alone was 41% above the five-year average.
Between the city and its suburbs, approximately 7.1 million square feet of office space traded across 15 transactions during the most recent quarter. That makes it the second-best Q2 in five years, second only to the record-breaking $2.54 billion in sales volume in 2015.
The quarter also saw Chicago’s biggest office deal since 2015: Sterling Bay’s acquisition of One and Two Prudential Plaza (pictured) from 601W Companies. That $680-million acquisition ranks third in the annals of Chicago office deals to the $1.3-billion trade of the Willis Tower and the $712-million trade of Aon Center, both in 2015.
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