German buyer, seller in $185 million West Loop office deal

Photo from Crain's Chicago Business

By: Ryan Ori | Dec 16, 2014 | Crain's Chicago Business

Continuing the flow of international money into the downtown Chicago office market, a West Loop tower is set to sell for $185 million in a deal involving a German buyer and seller. Munich-based real estate fund manager GLL Real Estate Partners has agreed to buy the 18-story headquarters of USG for about $185 million, or about $383 per square foot, according to real estate sources. The seller, Frankfurt-based real estate fund manager SEB Asset Management, bought the 483,677-square-foot tower at 550 W. Adams St. for $178 million in 2006, the year it was completed. Read More...