Sterling Bay sells 300 West Adams
Chicago, IL (September 13, 2012)—An investment entity that included general partners Sterling Bay Cos. and Annenberg Investments, Ltd. has completed the sale of 300 W. Adams St., a 12-story, 252,847-square-foot office building in Chicago’s West Loop. The building was sold to Alliance Partners. Terms of the transaction were not disclosed.
“The many unique characteristics of this asset afforded us multiple avenues to create value even though it was purchased at a challenging time,” said Scott Goodman, principal and founder, Sterling Bay. The building was acquired in 2007. At that time the building occupancy stood at roughly 68 percent. The partnership immediately undertook a significant, multi-million dollar renovation and repositioning initiative including extensive façade work, new windows, modernization of the lobby area and common areas, installation of a green roof, and secured landmark status.
Wanxiang America Real Estate Group was a limited partner in the property and helped ownership to recapitalize the property. Heitman provided financing for the project. The building was 88 percent leased within eight months of completion of the renovation, and is currently 93 percent leased.
“Our ability to increase the occupancy and benefit from the financial advantages associated with achieving landmark status have allowed us to fulfill our investment objective,” Jeff Annenberg, principal, Annenberg Investments Ltd., said. “From that perspective, it was the right time to sell the property.”
Michael Vesper, a senior vice president with CBRE, represented The Partnership in the disposition.
About Sterling Bay Companies
Sterling Bay Companies is a Chicago-based real estate investment and development company with expertise in the acquisition, financing, leasing, and management of commercial property across a broad spectrum of asset size and type. Sterling Bay currently owns and manages a portfolio of over 20 properties totaling approximately three million square feet of space. Recent project highlights include the redevelopment of 400 South Jefferson Street, a 230,000 square foot first class loft office building, into the new headquarters for Hillshire Brands Co., the redevelopment of 96 acres in Evergreen Park into a 450,000 square foot retail center and the renovation and repositioning of 564 West Randolph Street, a 94,000 square foot loft office building in the West Loop. For more information on Sterling Bay Companies, please visit www.sterlingbay.com.
About Annenberg Investments Ltd.
Annenberg Investments is an investment and development company specializing in repositioning assets and adding value. Annenberg has been involved in over 50 transactions totaling in excess of $850 million covering all asset classes. Recent projects include Nestles Frozen Pizza World Headquarters in Northbrook, Ill. and The Roosevelt Galleria on Roosevelt Road in Chicago’s South Loop. For more information please visit www.annenbergltd.com.
About Wanxiang America Real Estate Group, LLC
Wanxiang America Real Estate Group LLC is a real estate investment company located in Elgin, Ill. The company was established in 2010.