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CHICAGO-PF Global Real Estate, LLC has closed on its purchase of the Quaker Oats Co. headquarters at 555 W. Monroe St., at a price reportedly close to the $103-million cost to develop the 420,000-sf building. The property was sold by Strategic Partners, LP, CB Richard Ellis Investors’ $700-million value-added fund.

Developed by Fifield Realty Co., the 17-story West Loop office building is 97% leased to Quaker Oats.

“We recognized a quality leased asset and a strong developer in need of financing,” says Vance Maddocks of CB Richard Ellis Investors in a statement. “After underwriting the project, we provided a very competitive participating construction loan that allowed the developer to meet the tenant’s timeline, created value for the developer and generated a significant return for Strategic Partners’ investors.”

PF Global Real Estate, LLC is an investment fund sponsored by Prudential Insurance Co. and Prudential Investment Management, Inc. Tony Smaniotto and Mike Vesper of CB Richard Ellis’ Chicago office brokered the sale.

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