Prudential Real Estate Investors bought 22 West Washington, a 17-story downtown Chicago office building, for $183.5 million to receive steady cash flow from a fully leased property.
The property, located in the city’s Central Loop district across from Daley Plaza, houses the headquarters of Morningstar Inc. (MORN) and the local CBS television affiliate, the Parsippany, New Jersey-based real estate investment and advisory arm of Prudential Financial Inc. (PRU) said in a statement today.
The company, acting on behalf of institutional investors in its core real estate fund, bought the building from a joint venture of New York-based BlackRock Inc. (BLK) and Golub & Co. Golub, based in Chicago, will continue to manage the building, which has 439,434 square feet (40,825 square meters) of usable space and is fully leased.
“We believe 22 West Washington is a perfect example of the kind of high-quality core office property that is going to provide a stable cash return over the long term for our investors,” Catherine Marcus, a managing director and portfolio manager at Prudential Real Estate Investors, said in the statement.
Prudential Real Estate Investors managed about $30.2 billion in net real estate assets on behalf of more than 490 clients worldwide as of June 30.
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