TrizecHahn now owns about 6 million sf in Chicago, its most notable trophy being the 3.5-million-sf Sears Tower, the tallest building in North America at 110 stories. TrizecHahn, which also owns 10 S. Riverside Plaza and 120 S. Riverside Plaza, was attracted to the West Loop's low vacancy rates and easy access to transportation. Its most recent acquisition here is located just west of the Richard Ogilvie Metra terminal, which serves commuter rail customers in the north, northwest and west suburbs. Three blocks in the other direction is the Kennedy Expressway.
TrizecHahn's other Chicago holding is 2 N. LaSalle St., on the eastern fringe of the West Loop.
TrizecHahn President Casey Wold says the three purchases were at an initial capitalization rate of 9%. "These premier properties complement and extend the existing portfolio in some of our strongest markets providing stable cash flows and growth opportunities with a relatively low risk profile," Wold adds.
The seller of 550 W. Washington Blvd. was Christiana Investors, according to property tax records.
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