Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Nightingale Adds West Loop Tower in First Chicago Office Buy
In its first Chicago office deal, New York-based Nightingale Properties has acquired 200 W. Jackson Blvd. in the West Loop. The $130-million purchase price includes an oversubscribed fundraise through CrowdStreet.
“200 West Jackson embodies all of the hallmarks we seek in a boutique office property,” said Will Hutton, director of acquisitions and capital markets at Nightingale. “We are firm believers in the future of office, and 200 West Jackson echoes our data-driven investment thesis for transit-oriented CBD office investments driven by a flight to quality by tenants in a post-COVID environment. We are proud to partner with CrowdStreet for our first online equity raise from retail investors.”
The 480,000-square-foot office property currently has 80,000 square feet of vacancies, and its below-market rents offer upside. Nightingale plans a light renovation and strategic capital improvements, and is well capitalized to complete lease-up of the remaining vacancies.
Photo credit: Cushman & Wakefield
- ◦Sale/Acquisition
- ◦Financing
