Trizec Properties now has a fee-simple interest in the two West Loop buildings along the Chicago River, rather than a leasehold. The buildings are 685,000 sf each.and most recently were 94.5% occupied, according to the company's first-quarter report.
"This deal enhances the value of our investment in these office buildings by eliminating the risk and complexity of a short-term lease on the land beneath them," says Trizec Properties vice president Evan Boris in a statement.
American Premier Underwriters is a company formed as a successor to Penn Central Corp.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
