Convergent Still Bullish on Chicago

Last June, Convergent Capital Partners LLC, a Tampa-based private equity firm, acquired a 203,000-square-foot office building in suburban Oak Brook for $8 million. And Convergent officials have just announced the final close of CCP Fund I LLC, a commercial real estate fund with $40 million in commitments. The Oak Brook property was the first investment, but with leverage, they add, the fund will be able to invest up to $125 million in commercial real estate over the next 3 years.

“We are very bullish on the Chicago market, and were able to make a great long term investment significantly below replacement cost, in a very strong suburban office market,” says Santosh Govindaraju, managing director for Convergent. “We continue to look for opportunities to build our portfolio in the Chicago market.”