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A NEW BUYER FOR WOODFIELD OFFICE COMPLEX: BIGGEST SUBURBAN CORPORATE CENTER NETS $216-MIL. BID.
Crain's Chicago Business, April, 1999 by CORFMAN, THOMAS A.
Woodfield Corporate Center, the suburbs' largest office complex, is set to be sold to J. P. Morgan & Co., seven months after an earlier deal at a higher price was wiped away by the past year's decline of real estate stocks. Sources say that a fund managed by the New York-based investment bank has signed a letter of intent to acquire the 1.6-million-square-foot Schaumburg complex, which is owned by Prudential Insurance Co.
of America. The purchase price is about $216 million, or roughly 15% less than the deal that Prudential stuck last spring with Crescent Real Estate Equities Inc., a real estate investment trust (REIT) controlled by Texas billionaire Richard Rainwater. Crescent later walked away from that contract and several other proposed acquisitions,...
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