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Ownership Shops Leasehold at 300 W. Adams
Looking to cash in on rising values for downtown office buildings, a venture of Bryn Mawr, PA-based Alliance HSP is shopping the leasehold interest in 300 W. Adams St. with an offering that could fetch around $30 million, Crain’s Chicago Business reported.
A sale of the 254,000-square-foot building across the street from Willis Tower would end an ownership run that began in 2012, when the Alliance venture paid $51 million for the property.
Alliance subsequently split the physical building from the land beneath it and inked a 99-year ground lease, allowing it to sell off the building but keep a financial stake in the property, Crain’s reported.
The building has lost tenants since then. Currently it’s 80% leased, compared to 93% when Alliance bought the building.
An affiliate of Honolulu-based Shidler Group, Alliance hired JLL’s Jeff Bramson, Jaime Fink and Sam DiFrancesca to market the 300 W. Adams leasehold.
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