Menashe Properties Acquires Third Chicago Office Building: The Chicago Deal Sheet
Menashe Properties reportedly reached a deal to buy a 38-story office tower at 180 N. LaSalle St. for around $60M, its third Chicago office buy since 2023.
The 862K SF office building is across the street from the Thompson Center, Google's future Chicago headquarters, and sources told CoStar News the purchase price was between $55M and $60M. That would be a significant discount from the $198.5M La Caisse paid for the building 10 years ago.
The deal hasn't been finalized and could still fail to materialize, the outlet reported.
Last November, Menashe acquired 125 S. Wacker Drive, a 640K SF Class-A office tower in the West Loop, for $51.5M. That deal followed the acquisition of 230 W. Monroe St. in 2023, when Menashe was the first investor to buy an office building in the city in more than a year.
CEO Jordan Menashe told Bisnow in November he is excited about the direction the market is heading and was “ready for the next deal.”
“Activity and the pressure has continued to build and build and build,” he said.
PEOPLE
Lee & Associates hired Marco Federow as a senior associate. Federow started his industrial real estate career in 2020 with MK Asset Management, followed by his role as director and transportation lead with KWILL Real Estate advisory. Federow will focus on the Chicago market and collaborate with Sean Austin on certain projects.
SALES
Galvanize Real Estate acquired a three-property, 462K SF industrial portfolio in Green Oaks for an undisclosed price. This acquisition brings GRE's portfolio to 2.8M SF. GRE will implement value-add improvements and is targeting a reduction in on-site carbon emissions of up to 207% over the properties’ baseline.
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An Ohio-based private real estate investment firm paid about $3.9M for Gross Point Crossing, a 19K SF suburban retail center in Skokie. The property was 67% occupied at the time of sale. Greenstone Partners’ Brewster Hague and AJ Patel represented the seller and procured the buyer.
LEASES
A private tenant signed a 48K SF industrial lease at 933 Tower Road in Mundelein. The headquarters facility has 24-foot clear ceiling heights, 3,000 amps of power, sprinklers, three dock doors and two drive-in doors. Entre Commercial Realty's Brian Bocci represented the tenant, while DarwinPW Realty/CORFAC International's Dan Prendergast and Marc Hale represented landlord Portokali Investments.
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Accredo Health Group signed a 41K SF industrial lease in Fox River Business Center at 300 Airport Road in Elgin. Cushman & Wakefield's Bob Tardy and Doug Pilcher represented the tenant, while Lee & Associates' Kenneth Franzese, John Cassidy and Jeff Janda represented landlord High Street Logistics Properties.
