Business Services Industry
GERMAN FUND BUYS STONE HQ BUILDING.
Crain's Chicago Business, June, 1999
A German real estate fund purchased the Stone Container Building, the 41-story structure with diamond-shaped crown at 150 N. Michigan Ave., from a partnership controlled by Travelers Insurance Co. and Tishman Speyer Properties L.P. A spokeswoman for Chicago-based real estate firm Jones Lang LaSalle Inc., which is taking over management of the 630,000-square-foot property, confirmed the sale to BfG ImmoInvest GmbH but would not comment on the price, which sources estimate at nearly $100 million.
Separately, 444 N. Michigan Ave., a 36-story building owned by an investment fund managed by New York-based Lend Lease Real Estate Investments Inc., is under contract to Louis Dreyfus Property, a joint venture between New York financier Leon Black's Apollo Real Estate...
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