Kohan Retail Investment Group Acquires 1.6M-Sq.-Ft Office Tower At 131 South Dearborn Street

The property asset involved in the transaction is an office building located at 131 South Dearborn Street, Chicago. The asset covers approximately 1.6 million square feet and has a current vacancy rate of about 45% following the recent relocation of Citadel’s headquarters.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Under Contract
• Buyer: Mike Kohan - Kohan Retail Investment Group
• Seller: Josh Baumgarten & Adam Schwartz - TPG Angelo Gordon; Jeffrey C. Hines & Laura Hines-Pierce - Hines
• Brokers: Bryan Rosenberg, David Caprile, Alex Caron & Sam Byczek - Eastdil Secured

This transaction reflects Kohan Retail Investment Group's ongoing strategy to acquire high-vacancy office properties in Chicago, following recent purchases in the area. The deal is positioned as a potential acquisition at a discount to the existing debt associated with the current owners, TPG Angelo Gordon and Hines.