Gerding Edlen's Acquisition of 200 W Adams Complete
Add another deal to Chicago's record year for CBD office sales. Gerding Edlen's $168M acquisition of 200 W Adams closed this week. Gerding Edlen bought the 32-story building from a JV of Sterling Equities and Lincoln Property Co.
The Sterling-Lincoln JV bought the building for $114M in 2006. The sale was a 50% ROI for Sterling's Fred Wilpon and Saul Katz, who risked defaulting on the building's loan and faced a lawsuit from investors who lost money via Bernie Madoff's Ponzi scheme.
HFF's Jeff Bramson and Jamie Fink repped the seller. HFF's Tim Joyce helped Gerding Edlen secure a $134M, three-year, floating rate acquisition loan through AEW Capital Management.