Investor purchases 801 South Canal Street in Chicago
JLL Capital Markets completes the $68M sale on behalf of Canal / Taylor Venture
CHICAGO, February 25, 2020 – JLL Capital Markets announced today that it has closed the $68 million sale of 801 Canal Street, a five-story, 591,577-square-foot office building in the expanding South Loop submarket of Chicago, Illinois.
JLL exclusively represented the seller, Canal / Taylor Venture, represented by Paul Gearen, and procured the buyer, 601W Companies.
801 Canal Street or Canal Center is fully occupied by the Northern Trust Company through August 2020. The property features large 105,000-square-foot floorplates, ample executive and surface parking and a host of amenities, including an on-site food hall, fitness center, daycare, conferencing facilities and outdoor terrace space. In addition to the office building, the offering also included a 1.3-acre development site situated directly south of the property. Boasting a Transit Score® of 98, Canal Center is within minutes of Union Station, which connects the property to the suburbs and surrounding cities via Metra and Amtrak service, as well as the Clinton CTA blue line stop.
JLL’s Capital Markets team representing the seller was led by Senior Managing Directors Jaime Fink and Bruce Miller, Senior Managing Director/Managing Broker Jeff Bramson, Senior Director Patrick Shields and Director Sam DiFrancesca.
“With an influx of nearly $11 billion of recent and ongoing capital projects surrounding Canal Center, the South West corner of Chicago’s CBD market has evolved into a major focal point within the city,” Fink said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About 601W Companies
The principals of 601W oversee one of America’s leading private real estate acquisition, ownership, development and management portfolios in the country. Over the past 25 years, 601W has acquired a number of substantial and well-known commercial properties throughout the country, aggregating 50 million square feet, with a collective value in excess of $12 billion.