CHICAGO — Parsippany, N.J.-based Prudential Real Estate Investors (PREI) has acquired the 439,434-square-foot 22 West Washington, a Class A office building located in Chicago, from a joint venture between BlackRock and Golub & Co. for $183.5 million. Golub will continue to manage the property.
The 17-story building, which is located in downtown Chicago’s Central Loop across the street from Daley Plaza, is fully leased to tenants including the corporate headquarters of Morningstar and the local CBS television affiliate.
Catherine Marcus, a managing director and portfolio manager for PREI, said the return profile of the asset compared to the risk profile makes 22 West Washington attractive for returns.
“The low risk profile of this Class A property contributes to the attractive risk-adjusted return and fits in nicely with our broader strategy in the current market environment,” she said in a statement.
As of June 30, 2011, PREI managed approximately $48.1 billion in gross real estate assets ($30.2 billion net) on behalf of more than 490 clients worldwide.
— Savannah Duncan