EVANSTON, IL-Franklin Street Properties Corp., based in Wakefield, MA, has purchased the 909 Davis office building from Bonn, Germany-based IVG Immobilien for $35.1 million. The 195,245-square-foot building is occupied by Houghton Mifflin Co.
The seller bought the 9-year-old building in December 2003 for $34.2 million, sources say. The 6-story building also has a separately-owned, 12498-square-foot retail portion that was not part of the sale.
Jones Lang LaSalle Managing Directors Jim Postweiler and Bruce Miller, VP Jascint Vukelich and Associate Nooshin Felsenthal arranged the sale. Postweiler said in a statement that in his opinion, investors are moving beyond the core CBD of Chicago and searching for properties like this one to increase yields. “We should see even more similar type assets come to market in the coming months,” he said.
CHICAGO-Jeff Cherner and Rup Patel with the local NorthMarq Capital office recently arranged first mortgage financing of $8.3 million for 626 West Jackson, an eight-story class A office building here. Financing was based on a five-year term and a 25-year amortization schedule and was arranged by NorthMarq through its relationship with First Merit Bank.
The borrower is an affiliate of Sterling Bay Co. Patel said in a statement that the developers completely renovated the former headquarters of the Chicago Housing Authority into a multi-tenant class A loft building. Capital improvements began immediately upon purchase in 2007 and included sandblasting, tuck pointing, roof replacement, full lobby renovation, fa