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AEW Capital Buys Congress Center for $135M

Chicago Office

AEW Capital Management is the new owner of Congress Center after buying it from Northwood Investors for $135M Monday. The 16-story office building at 525 W Van Buren was 22% vacant at the time of sale. It's a strong return on Northwood's investment. The group paid $95M for a controlling interest in the building three years ago, Crain's reports. This is the latest deal in what is shaping up to be a record year for Chicago office building sales. More than $4.2B in office sales were recorded in the first half of 2015, a pace that will shatter 2006's record $5.3B. [Crain's]