Business Services Industry
Chicago office property
Real Estate Alert, Feb 25, 2004
Two German players teamed up to pay $130 million for a 97% stake in 515 North State Street in Chicago. The corporate pension plan for Siemens and asset management firm KG Allgemeine Leasing (KGAL) bought the 725,000-sf building from local developer John Buck Co. (which is retaining a 3% stake) and investors Marvin Davis and Morgan Stanley.
The building was attractive to the German players in part because American Medical Association leases 60% of the space. The deal was the first U.S. buy for KGAL. No broker was used in the transaction.
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