U.S. Equities Realty recently pegged River North office vacancy at 20.6%, the worst among Downtown submarkets. However, 23.9% of the 9.7-million-sf submarket is in play when sublease space is factored in, according to the firm. However, the 14-year-old building is anchored by the American Medical Association, which leases 58% of the space for its headquarters.
The buyers are Siemens Kapitalanlagegesellschaft mbH, a Munich-based open-ended investment fund; and KAMAU Grundstcksgesellschaft mbH & Co., Germany's largest financial services Co. KAMAU decided in late 2002 to begin investing in North American real estate.
"We are pleased to have this opportunity to become partners with two outstanding institutions and hope that this will be the first of many investments here for both funds," says The John Buck Co. principal Kent Swanson.
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