Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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


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.