Chicago & Midwest + Downtown + Office | April 29, 2021

Two West Loop Headquarters Buildings Go Up for Sale

A pair of West Loop headquarters properties has gone on the market in a sign that landlords are expecting commercial property sales to pick up soon as the COVID-19 pandemic wanes, Crain’s Chicago Business reported.

Los Angeles-based American Realty Advisors is looking to cash out on its 527,000-square-foot office building at 1000 W. Fulton Market, which houses Google’s Midwest headquarters. The 10-story building is expected to draw bids of up to $360 million, Crain’s reported, citing Real Estate Alert. The Chicago office of Eastdil Secured is marketing the property for sale.

Across town, German investor GLL Real Estate has hired JLL’s Chicago office to sell the 18-story office building at 550 W. Adams St., according to a marketing flyer. The 485,000-square-foot property, which houses USG’s main office, could trade for close to $225 million, a price far exceeding the $185 million GLL paid in 2015.

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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 13-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 15-20 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).