Sinoceanic I Ltd. Purchases 50-Story Tower on West Madison
Transwestern Real Estate Services announced the acquisition of 181 West Madison by SinOceanic I Ltd. After purchasing MB Real Estate earlier this year, Transwestern has managed and leased the property since the building opened. Executive Vice President and Managing Director of Leasing Mark Buth and Associate Broker John Nelson oversee leasing efforts.
“It’s an exciting time for 181 West Madison, which is currently 87% leased,” said Buth. “With a stable owner, I’m confident that the onsite team will ensure 181 outperforms its Class A competition in the Chicago Loop.”
Codeveloped by J. Paul Beitler and Lee Miglin, 181 West Madison finished construction in 1990. The 50-story, 952,559-square-foot office tower updated its tenant lounge in 2021. In May, a judge ordered the Chinese investment conglomerate, which owned the building at the time, to hand over the property to SL Green Realty Corp. to help resolve an unpaid $185 million judgment as the firm worked through bankruptcy.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.