An investment entity that included general partners Sterling Bay Cos. and Annenberg Investments Ltd. has completed the sale of 300 W. Adams St., a 12-story, 252,847-square-foot office building in Chicago’s West Loop. The building was sold to Alliance Partners. Terms of the transaction were not disclosed.
“The many unique characteristics of this asset afforded us multiple avenues to create value even though it was purchased at a challenging time,” said Scott Goodman, principal and founder, Sterling Bay.
The building was acquired in 2007. At that time the building occupancy stood at roughly 68 percent. The partnership immediately undertook a significant, multi-million dollar renovation and repositioning initiative including extensive façade work, new windows, modernization of the lobby area and common areas, installation of a green roof, and secured landmark status.
Wanxiang America Real Estate Group was a limited partner in the property and helped ownership to recapitalize the property. Heitman provided financing for the project. The building was 88 percent leased within eight months of completion of the renovation, and is currently 93 percent leased.
“Our ability to increase the occupancy and benefit from the financial advantages associated with achieving landmark status have allowed us to fulfill our investment objective,” Jeff Annenberg, principal, Annenberg Investments Ltd., said. “From that perspective, it was the right time to sell the property.”
Michael Vesper, a senior vice president with CBRE, represented The Partnership in the disposition.
