R2 Cos, Walton Street JV On Major West Loop Office And Land Deal
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R2 Cos has been horse trading in the West Loop for the past year. The firm's latest deal is the acquisition of a portfolio of six loft office buildings in the West Loop and River North, and three parcels in the West Loop, in a JV with Walton Street Capital for $86M.
The buildings are at:
- 118 South Clinton (72k SF)
- 130 South Jefferson (77k SF)
- 445 West Erie in River North (53k SF)
- 542 South Dearborn in the South Loop (85k SF)
- 641 West Lake (107k SF)
- 901 West Jackson (shown, 55k SF)
The land sites are at:
- 640 West Randolph (12k SF)
- A 17k SF lot at Peoria and Green streets
- A 53k SF lot at 708 West Wayman
KIG principal and managing broker Susan Tjarksen helped broker the deal on behalf of the seller, Loft Development Corp.
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R2 CIO Max Meyers tells Bisnow it's rare to acquire a creative office portfolio of this size in a heated market like the West Loop. The design and architecture of the buildings attracted R2 to the portfolio. A lot of R2's acquisitions are what Max calls character-driven assets, which can't be faked.
Walton Street also saw the long-term upside to the portfolio when R2 brought it to their attention, and Max says they are a great partner to work on this. Max says R2 will use its platform to unlock the potential of the buildings with value-add, while they and Walton Street weigh their options for the land.