"We don't fit the strategic goals of the parent company anymore," RREEF vice president of corporate communications Cindy Talmadge tells GlobeSt.com.
In addition to not disclosing the purchaser of the real estate investment advisory company, Talmadge could not estimate when the deal will be done. "I don't have any idea. I don't have a glimmer," she says.
RREEF, which has an office in the John Hancock Building as well as New York City and San Francisco, bought 41 properties in 2001 for $3.5 billion. Locally, those acquisitions included the 409-unit Taylor Place on the Near West Side, a class-C multifamily development that RREEF bought for $38.5 million.
RREEF's management presence is felt in the DuPage County and East-West Corridor submarkets, with office properties such as Mid-America Plaza and Oak Brook Executive Plaza as well as numerous industrial properties west of O'Hare International Airport.
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