GLL Will Buy 550 W Adams for $185M
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Yet another foreign investor sweet on Chicago office, German firm GLL Real Estate Partners, will pick up the 94% leased 18-story West Loop tower at 550 W Adams (USG HQ), for $185M (German seller SEB Asset Management paid $178M for the property in ’06, the year it was built), Crain’s Chicago Business reports.
Foreign capital continues to see US real estate as a safe haven, specifically core assets and markets (though FIRPTA doesn’t help with its withholding taxes), Pearlmark Real Estate Partners’ Doug Lyons told us earlier this year. But partnering with foreign capital can be tough when you carry different scars and underwrite risk differently, Zeller Realty Group’s Paul Zeller (pictured) says.