Parkway Contracts for Citicorp for $140M

CHICAGO-Parkway Properties, based in Jackson, MS has a contract to acquire the three-building Citicorp Plaza at 8410-8430 W. Bryn Mawr Ave. for $140 million, sources say. Apollo Real Estate Advisors, headquartered in New York City, is selling the property which has a total of 600,446 sf.

James Ingram, chief investment officer for Parkway Properties, tells GlobeSt.com that he cannot comment at this time about the deal. A spokeswoman for Apollo Real Estate Advisors did not respond to a request for an interview. Cushman & Wakefield was the broker for Apollo Real Estate Advisors.

The three 11-story buildings, which are interconnected, were constructed in 1985 and renovated in 2006, sources say. Occupancy is 90% with major tenants including Career Building, Diners Club and Sterling Commerce. The American Production & Inventory Control Society signed a 10-year lease for 32,295 sf in the building at 8430 Bryn Mawr that will begin in April, as previously reported by GlobeSt.com. The organization will occupy the 10th floor and majority of the ninth floor as its new headquarters.

Lease rates currently range from $15.50 per sf to $22 per sf, according to CB Richard Ellis, which handles the leasing for the property. The property has an adjoining 1,200-car parking structure, in addition to surface parking of more than 500 spaces, according to CBRE information.