JLL arranges $305 million sale of 175 West Jackson in Chicago's Loop
CHICAGO, April 30, 2018 — Proving that Chicago remains one of the top office investment markets in the country, JLL Capital Markets today announced the $305 million sale of 175 West Jackson, a 1.43 million-square-foot, Class A tower in the city's Central Loop submarket. JLL represented the seller, an ultra-high net worth European family advised by Extell Development, in the sale to a Brookfield-sponsored private real estate fund.
International Director Bruce Miller and Managing Director Nooshin Felsenthal led the JLL team handling the sale.
"The timing of the opportunity was excellent as 175 West Jackson is positioned to benefit from the billions of dollars of investment in surrounding projects," said Felsenthal.
"The next stage of 175 West Jackson's life as a progressive downtown Chicago work environment will be exciting to see," added Miller. "Brookfield is a globally recognized asset manager with a stellar reputation and an innate ability to find and execute value-add strategies that redefine buildings."
Built in 1912 and designed by famed Chicago architect Daniel H. Burnham, 175 West Jackson provides tenants easy access to public transit and is one block from the Brown, Red, Blue, Pink and Purple El lines. The building is also walking distance to Chicago Union Station and Ogilvie Transportation Center, the city's main commuter rail hubs. The building's amenities include rooftop decks, a conference center and a recently renovated state-of-the-art fitness center.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.