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Chicago & Midwest  + Downtown  + Office  |  May 8, 2019
Paul Bubny
By: Paul Bubny

Downtown Office Portfolio Could Fetch $1.3B

AmTrust Realty has hired Eastdil Secured to market a portfolio of downtown office towers, the Chicago Tribune reported. Totaling 6.3 million square feet, the seven properties could fetch a total that experts have estimated at $1.3 billion, representing Chicago’s largest such portfolio sale since 2007.

Eastdil is marketing the properties as the Chicago Legacy Collection. Most of the properties, including two Illinois Center towers that AmTrust acquired for $376 million in 2015, were built in the 1960s and 1970s. AmTrust acquired them in six separate deals between 2004 and 2015.

In addition to the Illinois Center buildings at 111 E. Wacker and 233 N. Michigan, the portfolio also includes 1 E. Wacker, 30 N. LaSalle, 33 N. Dearborn, 33 W. Monroe and 135 S. LaSalle.

Although the properties are being marketed as a package, AmTrust could consider offers for individual buildings, as well as the entire portfolio, the Tribune reported.

Pictured: 111 E. Wacker Dr.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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