American Realty Advisors has invested $257m (€230.5m) in a Chicago office scheme.
It acquired 1K Fulton in the city’s River West Fulton Marketplace area.
The 531,190 sqft asset is 97% let to tenants including Google.
Martha Shelley, American’s senior portfolio manager, said the company was attracted to the asset because of its long-term leases.
The area, she said, had attracted a diverse base of tenants, including technology companies.
“We expect it will continue to be attractive to future tenants and generate stable returns for our investors,” Shelley said.
McDonald’s is moving its corporate headquarters to the area, as Chicago enjoys the attention of both investors and occupiers.
The city’s third-largest office tower, the Aon Center, was last year traded for $712m.
No comments yet