In commercial real estate news this morning, Prudential Real Estate Investors acquired Class A office building 22 West Washington. Situated in downtown Chicago, the $183.5 million property is a 17 story affair with some 439,434 square-feet of usable space.
Just across the street from Daley Plaza, this property is home to Morningstar, as well as the local CBS television element. With the purchase, Prudential obtains a fully leased property that will continue to be maintained by one of the former owners, Golub and Company. Catherine Marcus, a managing director and portfolio manager for PREI, had this to add about the acquisition:
“We believe 22 West Washington is a perfect example of the kind of high quality core office property that is going to provide a stable cash return over the long-term for our investors. 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,”
For those who do not know, PREI is a leading global real estate investment brand, which offers a vast array of investments worldwide. The firm manages in excess of $48.1 billion in gross real estate assets. For more information about this news, please consult the original Businesswire release here via MarketWatch.