PREI(R) Buys Chicago Prime Commercial Asset

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.

Chicago real estate via Google Street

The property via Google Street View

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.