Friday, May 17th, 2013
SEOUL, KOREA - Mirae Asset Global Investments said on May 15 that it has closed a deal to purchase a prime office building in Chicago. The property that the asset management company bought is "225 West Wacker," a 31-story building located in West Loop in Chicago's downtown central business district.
The purchase price was estimated at 240 billion won for the 60,462-square-meter (650,812-square-foot) building. It had been managed by J.P. Morgan Chase & Co. for ten years since its purchase at $153 million in April 2003.
Completed in 1989, 225 West Wacker commands excellent view of the Chicago River. As more than 90 percent of the space is currently leased out to tenants with high credit standing, Mirae Asset expected it would be able to realize profit from the investment.
The current tenants include law firm Edwards Wildman Palmer LLP, PPM America Inc., a unit of Prudential PLC, and Apple Inc., all of which have a long-term lease.