Office Properties Income Trust Acquires Google’s Midwest Headquarters in Chicago for $355M
CHICAGO — Office Properties Income Trust (NASDAQ: OPI) has acquired 1K Fulton in Chicago’s Fulton Market district for $355 million. The 531,190-square-foot office property serves as the Midwest headquarters for Google, which leases 73 percent of the building. The property was 99 percent leased at the time of sale, with a weighted average lease term of six years. Built in 1923 and redeveloped in 2015, the building features amenities such as two fitness centers, multiple roof decks, a steak house restaurant, ground-floor retail space and 157 subterranean parking spaces. Stephen Livaditis, Matthew Graham and Bryan Rosenberg of Eastdil Secured brokered the sale. American Realty Advisors was the seller, according to local media reports. Office Properties Income Trust is managed by The RMR Group and is based in Newton, Mass.