Commerz Real has added a 111-year old Chicago office building worth €171.5m to its hausInvest open-ended real estate fund.
The German fund manager said it has acquired the 20-storey “The National” building from Blue Star Properties.
The building, built in 1907 as the “Edison Building”, is located at 125 S Clark Street and offers around 54,000sqm of rental space.
Commerz Real said the building was comprehensively redeveloped and modernised last year.
Henning Koch, the global head of transactions at Commerz Real, said: “The National offers everything that investors nowadays expect of a hausInvest investment.
“A redeveloped landmark building in a prime location geared to modern users at an attractive price with a reliable cash flow and the potential for value appreciation through active asset management.”
Commerz Real said it plans to further upgrade the property and enhance its attraction for users.