Commerz Real’s open-ended real estate fund has bought a Chicago office complex for $167.5m (€152.4m).
The manager said its Hausinvest fund has acquired 1330 West Fulton from JP Morgan Asset Management and the Chicago-based real estate investment and development firm Sterling Bay.
The 1330 West Fulton building, which was completed in 2017, encompasses 290,475sqft of leasable area and is virtually fully leased to 10 companies.
The latest deal is Commerz Real’s second investment in Chicago for Hausinvest within a year. In November last year, the German asset manager acquired The National, a 20-storey office building worth €171.5m at the time.
Henning Koch, global head of transactions at Commerz Real, said 1330 West Fulton is a prime example of what an office building should look and feel like nowadays.
“In particular in terms of the extensive services and quality of life for the tenants apart from simply providing office space.
”All the tenants not only have private balconies but also access to a roof terrace, a lounge, a fitness centre and a café/bar.”