181 West Madison Sells For $360M

181 West Madison, Chicago
181 West Madison St.

2016 was a cool-down year for downtown office building sales and foreign investment in Chicago real estate. The first major office deal of 2017 may signal a rebound for both. A venture led by HNA Group acquired 181 West Madison from CBRE Global Investors for $360M.

CBRE placed the 50-story tower on the market in December 2015, as a record-breaking year in Chicago real estate was winding down. CBRE paid $302M for the building in October 2013. While it turned a profit on the sale, the firm was expecting bids reaching $400M when it retained Eastdil Secured to court buyers, Crain's reports. In the interim, CBRE refinanced $191M in maturing debt on the asset last February.

HNA's investment comes after a huge slowdown in foreign investment in Chicago and across the country last year. After a record $4B in 2015, foreign investment in Chicago real estate fell short of $3B last year. The sale could be a sign that President Donald Trump's economic policies may create ample real estate opportunities for foreign investors. [Crain's]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Chicago Office Deals Feature More Scrutiny, Added Tenant Protections

Tishman Speyer Retakes Chrysler Building, Plans $235M Renovation

Local Investor Pays $30M For Block 37 In Heart Of Downtown Chicago

Activist Investor Buys Stake In Empire State Building Owner

San Francisco Office Market Climbs, Fueling Demand For Large Blocks, Luxury Space

Major Movie Studio Campus Breaks Ground: The Chicago Deal Sheet

Affinius Relinquishes Big Office Building Next To Capital One Arena

One Thomas Circle, The Elevated Workplace For The Way D.C. Works

Hedge Fund Breaks NYC Record With $375-Per-SF Office Lease

Renewals Dominate In Years-Low Office Leasing Quarter

Bears Stadium Saga Shifts Toward Potential Public Ownership Play

University City Office Market Improves Despite Slow Quarter In Philly