Angelo, Gordon & Co. Acquires Pair of Office Buildings in Chicago for $147M
CHICAGO — Angelo, Gordon & Co. has acquired Presidents Plaza in Chicago for $147 million. The pair of Class A office buildings, totaling 834,893 square feet, are located at 8600 and 8700 W. Bryn Mawr Ave. in the O’Hare submarket.
Developed in 1980, the buildings are 92.4 percent leased to various tenants. The property, which is LEED Silver and EnergyStar certified, has undergone more than $15 million in capital renovations since 2016. The seller had made improvements to building systems, lobbies, entrances, canopies and landscaping.
Property amenities include a 17,900-square-foot fitness center, conference center, café, hair salon/barber, convenience store, tenant lounge and full-service car wash.
James Postweiler and Peter Harwood of JLL brokered the transaction. The seller, a partnership between Chicago-based GlenStar Properties LLC and a global real estate investment manager, has owned the property since 2006.
GlenStar, the current leasing manager and operator of the property, will partner with the new owner to provide services and building upgrades.
Angelo, Gordon & Co. is a $28 billion alternative investment firm focused on real estate and credit investing.
— Kristin Hiller