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PLAINFIELD, IL-Griffin Capital has closed on its second Midwest sale-leaseback deal, buying a 175,000-sf office building in this southwest suburb of Chicago from Chicago Bridge & Iron Co. for $20.7 million. The first deal was a 320,764-sf warehouse and manufacturing building in Emporia, KS from Hopkins Manufacturing Corp.

One of the world’s leading engineering and construction companies, Chicago Bridge & Iron Co. decided to sell the real estate to pursue other opportunities, officials of Los Angeles-based Griffin Capital say. Chicago Bridge & Iron has a flexible termination option allowing it to buy back its headquarters at 1501 N. Division.

Financing was provided by General Electric Capital Business Asset Funding Corp.

“We now own in excess of 2.3 million sf of space in the Midwest and are anxious to increase our presence in this region,” says Griffin Capital Managing Principal Kevin A. Shields.

Griffin, which has offices in Chicago as well as Greenwich, CT, owns five million sf in 13 states. “With the addition of 1.5 million square feet currently under contract, our portfolio will expand to approximately 6.5 million square feet in the next few months,” Shields says.

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