Sumitomo Corporation acquires Chicago's 203 North LaSalle in 1031 Exchange
CHICAGO, April 3, 2014
Avison Young represents buyer in office transaction, also named exclusive
CHICAGO, April 3, 2014 /PRNewswire/ - Avison Young, the world's
fastest-growing commercial real estate services firm, announced today that it
has completed an office-property acquisition within a trophy-class building in
downtown Chicago on behalf of Sumitomo Corporation of Americas (SCOA).
The unique acquisition comprises 581,107 square feet (sf) of office space
within a 27-storey class A mixed-use building located at 203 North LaSalle in
Chicago's Central Loop district. In addition, SCOA has designated Avison Young
as the exclusive listing agent for the acquired office space, which comprises
the building's 13th through 27th floors.
The office sale transaction did not include the retail space on the first and
second floors, nor the 10 levels of parking.
The seller in the transaction was a joint-venture partnership consisting of
M&J Wilkow, which has held ownership in the building since its completion in
1985, and HCI Capital AG, which has shared in ownership since 2005. M&J Wilkow
will continue to manage 203 North LaSalle post-sale.
The transaction marks SCOA's first acquisition in Chicago, a market that the
company is targeting for more investment in the future. Terms of the
acquisition were not disclosed.
"Sumitomo has been active on the coasts for years, and has always viewed
Chicago as a world-class city," comments Tomonori Wada, Senior Vice-President,
Living Related Business Group, Sumitomo Corporation of Americas. "We have been
looking for the right opportunity to invest in Chicago and hope to increase
our presence here."
Avison Young Principal Suzanne Martinez, based in Chicago, led the brokerage
team that represented SCOA in the sale transaction.
"This was a complex deal not only due to the multi-tiered ownership of the
building, but also because Sumitomo was seeking a 1031 Exchange opportunity
whereby capital-gains taxes are deferred until a future date in accordance
with federal law," says Martinez. "We identified the property at 203 North
LaSalle as a great asset to satisfy Sumitomo's 1031, but also it gives
Sumitomo the opportunity to acquire office space in a building that can be
repositioned for today's market."
Designed by Skidmore, Owings & Merrill, the 29-year-old 203 North LaSalle site
is one of downtown Chicago's premier buildings, due to its central location
and an array of features and amenities that appeal to today's tenants.
Locational factors include direct access to the Clark and Lake Chicago Transit
Authority (CTA) station and the Loop-spanning underground pedestrian walkway;
proximity to the city's top restaurants and hotels; and the nearby River North
work-live-play neighborhood just a bridge away. The property has also achieved
LEED Gold certification and an Energy Star label signifying the building's
superior energy efficiency.
In addition, 203 North LaSalle is distinctive for its large floorplates, in
excess of 40,000 sf, which provide great efficiencies for larger-space users.
The building also has 24-hour on-site security, an emergency generator and
advanced life-safety systems, in-building restaurant and retail amenities, and
indoor access to the 1,200-stall parking garage.
203 North LaSalle's tenancy includes DLA Piper, the University of Phoenix and
Masuda Funai. Sumitomo intends to make substantial improvements to the lobby
and elevators and install amenities such as a fitness center for tenants.
The Avison Young team of Eric Myers, Brad Despot and Michael Curran will serve
as the exclusive leasing agents for the office tower.
About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo Corporation
of Americas (SCOA) has 10 offices in major U.S. cities. SCOA is the largest
subsidiary of Sumitomo Corporation, one of the world's leading traders of
goods and services. As an integrated business enterprise, the firm has emerged
as a major organizer of multinational projects, an expediter of ideas, an
important international investor and financier, and a powerful force for
distribution of products and global communications through a network of
offices worldwide. For more information visit www.sumitomocorp.com.
About Avison Young
Avison Young is the world's fastest-growing commercial real estate services
firm. Headquartered in Toronto, Canada, Avison Young is a collaborative,
global firm owned and operated by its principals. Founded in 1978, the company
comprises 1,500 real estate professionals in 56 offices, providing
value-added, client-centric investment sales, leasing, advisory, management,
financing and mortgage placement services to owners and occupiers of office,
retail, industrial and multi-family properties.
• Please click on link to view and download photo of 203 North LaSalle,
For further information/comment/photos:
• Sherry Quan, Principal, National Director of Communications & Media
Relations,Avison Young: 604.647-5098; mobile: 604.726-0959
• Vanessa Goldschneider, Public Relations Manager, Sumitomo Corporation of
• Suzanne Martinez, Principal, Avison Young: 312.957.7617
• Eric Myers, Principal, Avison Young: 312.265.3717
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and 2012 and requalified in 2013 to maintain its status as a Best Managed
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Contact: Media Relations: Sherry Quan, (604) 726-0959, email:
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