X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.