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.