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State Street Office Building Bought at Steep Discount

North American Real Estate (NARE), a Schaumburg-based firm, has purchased the downtown retail and office building at 100-112 South State Street. The investor acquired the five-story building at a steep discount — an ongoing trend in downtown Chicago — from a venture of New York-based Tishman Realty and an affiliate of France-based financial services firm AXA Group, reported Crain’s.

North American Real Estate bought the building for less than the $35 million the seller paid for it in 2015, principal Savas Er confirmed with the outlet. Michael Marks, Evan Halkias and David Matheis of Cushman & Wakefield represented the sellers.

North American Real Estate also owns the six-story building at 114 S. State Street, a leading factor in the firm’s decision to acquire the adjacent property. 100-112 S. State Street’s first two floors are fully occupied by retail tenants and the upper floors feature office spaces and co-working space.

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About Jasmine Kilman

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.