Apr. 18, 2014
Acquisition of Office Property in Chicago, IL
Sumitomo Corporation (Tokyo, CEO Kuniharu Nakamura) has just acquired an office building in the Central Business District (CBD) of Chicago through Sumitomo Corporation of Americas (SCOA) (New York, CEO Kazuhiro Takeuchi) for $111.5M.
It is strategically located on North LaSalle Street and directly connected to the Clark/Lake Station where 6 Chicago Transit Authority lines stop including the Blue line and Orange line to the airports. Located in the heart of the CBD, the property hosts law firms, financial institutions, government agencies, etc.; we can also anticipate high tech companies moving in because of its proximity to the “hot” River North area.
In the CBD of Chicago, new office supply will be very limited over the next several years while stable growth of employment is expected with diversified economy and recent trends going back to the CBD by corporations. Therefore, improvement of occupancy and rent over the next several years is predicted. SCOA will operate this well-located quality property and add value by strategic renovation and leasing tenants.
Last year, SCOA bought an office building in Downtown San Diego and will acquire office properties in growing markets in the US. SCOA plans to build an office portfolio with multiple properties and sustainable growth of revenue in the future. In addition to office properties, SCOA invests in residential developments such as master planned community and multi-family apartment. SCOA will expand both office and residential investment aggressively.
|Address||：||203 N LaSalle, IL|
|Structure||：||RC 27floors (Sumitomo acquires the 13-27 floor)|
Corporate Communications Department,