Tuesday, February 8, 2011

Marcus & Millichap Lists Two-Building Office Portfolio in Downtown Chicago

CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a two-building 396,000 square foot office portfolio in downtown Chicago.

One of the buildings is the landmark Heyworth Building (top left photo), located at 29 East Madison St., and the other is the Home Federal Building (middle right photo), which is situated two blocks away at 11 East Adams St. The buildings are being offered in an open bid and may be purchased together or separately.

Scott Harris, a senior vice president investments in the firm’s Oak Brook office, and Howard Wiese, a vice president investments in Chicago, are representing the seller, a Chicago-based investment firm.  

“These are both stabilized assets with an average occupancy of 90 percent. A new owner will be able to leverage the benefits of increased pedestrian traffic and retailer growth due to the close proximity of these assets to the rejuvenated State Street retail corridor,” says Harris.

“We believe the exceptional location, quality and stability of income stream, coupled with the much improved economic environment, make this an outstanding opportunity for a buyer to acquire two core assets,” adds Wiese.

The Heyworth Building is a 236,151-square foot 19-story office building designed by noted architect Daniel Burnham’s firm, D. H. Burnham & Co. Built in 1904, the Heyworth Building has been designated as a historical landmark.

The 160,458-square foot 15-story Home Federal Building is located on the southeast corner of State and Adams Sts. The building is ground floor-anchored by the Bank of America.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

No comments: