White Oak Pays $73M for Loop Office Tower
It’s taken a year for a venture of White Oak Realty Partners and New York-based Angelo Gordon to get the 28-story office tower at 200 W Jackson Blvd, but on Feb. 27 the day finally came, Crain’s reports. Now they just have to fill 264k SF of vacant space. It’s been a long year, so here’s a refresher:
2007- Apollo Real Estate Advisors (soon to be acquired by Ares Management) purchases the tower for $71.5M.
March 2014: White Oak venture prepares to pay $85M for it.
August 2014: Enova, the tower’s largest tenant, announces it’s moving its headquarters to 175 W Jackson.
February 2015: White Oak gets a half-empty 487,624 SF office building for a reduced $73.25M.
On the bright side, White Oak principal Tom Saletta isn’t too concerned. He feels it’s a healthy market to have full-floor vacancies, especially since they’re adding Class-A amenities. And he has a point. According to CBRE, overall vacancy in the fourth quarter was at a six-year low of 13.2%, and West Loop vacancy was at an even lower 12.4%. As for those Class-A amenities? They include fitness and conference centers, a tenant lounge, and a 17.5k SF full-floor spec suite. [Crain’s]