CBRE FUND ACQUIRES 181 W. MADISON OFFICE TOWER IN CHICAGO

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CHICAGO — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired 181 W. Madison, a 50-story, Class A, 953,000-square-foot tower in downtown Chicago. Colliers International reported earlier this year that the property was under contract and that CBRE would pay about $300 million, or $319.15 per-square-foot, to GE Capital, the owner. The property, which is 83 percent leased to tenants with limited rollover, is located within three blocks of two major public transportation hubs — Ogilvie Transportation Center and Union Station. Constructed in 1990, the property features a five-story main lobby and Energy Star designation. The new owner plans to start a capital campaign and make enhancements, such as cosmetic improvements to building common areas, elevator modernization, an upgrade to building systems, replacing portions of the roof and obtaining LEED certification. The transaction was sourced off-market through Eastdil, which represented the seller.

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