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CHICAGO-International Tower, offered for sale this summer at $48 million, is off the market. President Rand Diamond of GVA Worldwide, which owns the 11-story class A office tower at 8550 W. Bryn Mawr Ave. in partnership with South Charles Capital Corp., blames deteriorating market conditions.

Class A vacancies in the O’Hare submarket rose in the third quarter to 18.1% of direct space, according to U.S. Equities Realty research, but would be 29.1% if available sublease were included.

“We’ve taken it off the market because of market conditions,” Diamond tells GlobeSt.com.

Before putting the 302,088-sf property on the market, South Charles Capital and GVA Worldwide had added a five-level parking structure, giving the property one of the highest parking ratios in the area. The property, offered at $158.89 per sf and 9.50% cap rate, also is located at the Cumberland Avenue interchange of the Kennedy Expressway, where a Chicago Transit Authority Blue Line stop is located.

Trammell Crow Co. senior vice president Kenneth J. Szady had the listing assignment before ownership’s change of heart.

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