Sam Zell is progressing with his plan to unload his $3 billion portfolio of properties and capitalize on the particularly strong investment sales market. One big stride forward is his latest deal to sell the modernist Mies van der Rohe-designed Illinois Center for at least $375 million, as reported by Crain's.
New York-based AmTrust Realty, in their fourth and largest deal yet in Chicago, picked up the two connected 32-story towers at 111 E. Wacker Drive and 233 N. Michigan Ave. And they're likely going to need to spend more on renovations, to decrease the much-to-be-desired 30 percent vacancy rate. The property's current largest tenants are the U.S. Government Services Administration, with 184,042 square feet, and Bankers Life & Casualty, with 139,082 square feet.
The purchase may prove fortuitous, as the northeast corner of the Loop is undergoing a renovation renaissance.
· Zell REIT selling Illinois Center for $375 million [Chicago Real Estate Daily]
· Two Mies Office Towers in Great Loop Locations Up for Sale [Curbed Chicago]
· All Illinois Center Coverage [Curbed Chicago]