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Fifield Cos. is cashing out handsomely on a West Loop office building it bought only two years ago. Fifield has an agreement to sell Burnham 600, an eight-story building at 600 West Jackson, to Stockbridge Capital Group for $23.5M, Crain's Chicago Business reports.
Fifield bought the 114K SF building for $15.3M in March 2015, added $4M in capital improvements and moved its offices there. County property records show the building is carrying $12.3M in debt, and it is 62% occupied.
But Stockbridge likes the improvements Fifield did to the building enough to believe it can reduce the vacancy rate and drive rent growth in the active West Loop office market, a hotbed for demand among tech firms.
CBRE's Tom Sitz and Cody Hundertmark represented Fifield in the sale.
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